ITWeb TV: FBI seizes $1.2bn in crypto stolen from Binance ITWeb TV: FBI seizes $1.2bn in crypto stolen from Binance By Sibahle Malinga, ITWeb senior news journalist. In this episode of ITWeb TV, Larry Cooke, director for Africa at Binance, discusses regulating digital assets in South Africa and transforming the crypto exchange into a digital marketplace. #Binance #CryptoRegulation #DigitalAssets #Cryptocurrency #SouthAfrica #ITWebTV #LarryCooke The Federal Bureau of Investigation (FBI) has seized and restrained more than $1.2 billion (R20.6 billion) in crypto-currency stolen from the recent Binance hack. This forms part of the law enforcement agency’s coordinated efforts to disrupt North Korea's crypto theft operations. Last month’s hack, which Binance described as a major security breach, saw hackers steal an estimated $6.3 billion in crypto-currency from the world's largest crypto-currency exchange. Binance hit by $6.3bn crypto-currency hack ITWeb TV: Inside the world’s biggest crypto hack Blockchain intelligence firm TRM Labs described the incident as the biggest crypto-currency theft on record, surpassing the $1.5 billion Bybit hack in February 2025. The attackers targeted Binance wallets across 10 blockchain networks. The recent FBI action also includes the seizure of cloud-based infrastructure allegedly used in FaceStealer, a North Korean social engineering campaign targeting crypto-currency holders and individuals working in the open-source software supply chain. According to a statement from the US Department of Justice (DOJ), FaceStealer has resulted in the theft of more than $400 million worth of crypto-currency. The department says the coordinated actions are aimed at disrupting schemes operated by the Democratic People's Republic of Korea government to generate revenue through crypto-currency theft. “North Korea’s government bankrolls its rogue regime and illicit weapons programme through crypto-currency theft,” says Scott Proctor, principal deputy assistant attorney-general for national security. “Today’s announcement shows that America will fight back against that corrupt regime’s effort to profit through cyber crime. The National Security Division will use every tool at its disposal to seize and return North Korea’s ill-gotten gains.” The DOJ says the seizures form part of its efforts to recover crypto-currency proceeds linked to North Korean cyber crime operations. Larry Cooke, director at Binance for Africa, told ITWeb TV that crypto-currency scams, social engineering and market volatility remain significant obstacles to wider digital asset adoption in Africa, with consumers needing greater financial literacy to navigate an increasingly complex market. Cooke, who visited the ITWeb TV studios before the hack on 28 October, said the local crypto-currency industry faces two broad categories of risk: fraudulent schemes targeting users and potential financial losses resulting from unfavourable market conditions. He added that criminals are increasingly exploiting people's limited understanding of digital assets, using impersonation tactics to imitate reputable financial service providers to gain access to accounts, or persuade victims to hand over their money. "Criminals have even used pictures of Binance staff and gone on LinkedIn and started projects and gone on WhatsApp groups and, you know, tried to bring people in and say, we are from Binance. So, first of all, don't believe it – if something sounds too good to be true – it's too good to be true." Larry Cooke, director at Binance for Africa. Cooke acknowledged that, beyond fraudulent activity, crypto-currency investments carry financial risks, particularly where investors purchase assets without understanding the underlying technology or market dynamics. He says the risks vary depending on the type of digital asset, with some crypto-currencies driven largely by community sentiment, while others are linked to specific technologies, protocols or underlying real-world assets. Investors should understand what they are purchasing rather than treating all digital assets as interchangeable investment products, he warned. "One, when technology is in its infancy, there's a lot of room for it to go south and go up and go down, which we've had our fair share of and of bumps and bruises. But where we are now, it's no longer about the industry being volatile. Because, as I mentioned to you, there's different categories of assets." He also distinguished between crypto-currencies used for investment purposes and stablecoins, which are typically pegged to conventional currencies and can be used for payments and cross-border transactions. However, he cautions that the risks associated with investing in volatile digital assets should not be confused with the different use cases associated with stablecoins. Alongside addressing consumer risks and regulatory requirements, Binance is expanding its business ambitions beyond crypto-currency trading. The company, which Cooke said has over 350 million users globally, wants to evolve into a financial super app incorporating traditional financial products and services. Its strategy includes expanding partnerships with payment service providers, retailers, telecommunications companies and other financial services businesses to increase the practical uses of digital assets. “However, our ambitions have increased over the last few months, and we're not just trying to be the world's largest crypto exchange, but rather become a super app. What does that mean? It means that we're not just dabbling in crypto, but also traditional financial business models and products as well. So, whatever the customer's needs are, from purchasing utilities to purchasing, items at retail stores, we will enable that.” Cooke noted that education and partnerships are central to Binance's South African growth strategy over the next two years. The company also wants to expand access to digital asset services among consumers who have traditionally been excluded from certain investment opportunities. Cooke says partnerships with voucher providers could potentially allow lower-income consumers to access tokenised assets, while commercial collaborations could make crypto-currency payments available across different retail environments. “The broader strategy is to position crypto-currency as an additional financial tool, rather than limiting its use to investment and trading,” he explained. Sigfox South Africa delivers reliable nationwide 0G IoT connectivity enabling scalable, low-power AI-driven smart solutions. A successful combination of specialized skills and industry leading vendor partnerships. Make Galix your preferred partner for security. Email [email protected] for more info. Experience seamless workflow automation with SigniFlow. Simplify, sign, and secure documents effortlessly. Transform your business.