The US Justice Department has teamed up with the two largest stablecoin issuers to recover nearly half of the $6 billion stolen from Binance in a recent hack. The department secured court approval to seize or freeze $1.2 billion of the $2.7 billion in funds that Tether and Circle Internet Group Inc. had already frozen following the October 29 breach.
Investigators are actively pursuing the remaining stolen funds as the hackers, identified by the FBI as TraderTraitor, attempt to launder the cryptocurrency through various channels, including bridges, mixers, and exchanges.
The hack has drawn significant attention due to its scale and the sophisticated methods used by the perpetrators. The Justice Department's involvement highlights the growing collaboration between law enforcement and the crypto industry to combat financial crimes.