The U.S. Department of Justice has been authorized by the court to seize $1.2 billion from the frozen funds in the Binance hacking case

The U.S. Department of Justice has stated that it is working with the two largest stablecoin issuers globally to attempt to recover nearly half of the stolen funds from the Binance hacking incident. In this attack, hackers stole over $6 billion in assets from the Binance cryptocurrency exchange.

The U.S. Department of Justice has obtained court authorization to seize or restrict the disposal of $1.2 billion from the $2.7 billion that Tether and Circle Internet Group immediately froze following the hacking incident on October 29. Investigators are still tracking the remaining funds. The Federal Bureau of Investigation refers to the related hacking group as TraderTraitor, which is currently attempting to transfer and launder the stolen assets through cross-chain bridges, mixers, and cryptocurrency exchanges.