London’s Hugh Court recently ordered Binance to find the hackers responsible for a $2.6 million hack and freeze their assets after one of the users of the crypto exchange reported to be a victim.
Artificial intelligence company Fetch.ai has requested that Binance trace the hackers and seize their assets which the UK court granted, Reuters reported last week..
Fetch.a has offices in England and Singapore. The company alleges that the scammers hacked into its Binance crypto accounts on 6 June. Since they were unable to remove the assets because of restrictions on they account, the company suggests they sold them to a third party for a much lower amount.
Syedur Rahman, a partner at Rahman Ravelli, which is representing Fetch.ai, said:
We need to dispel the myth that cryptoassets are anonymous. The reality is that with the right rules and applications they can be tracked, traced and recovered.
Rahman said that Binance intends to comply with the order and it is already tracking down the individuals responsible for the hack and has frozen some of the affected assets. Before returning the funds, exchange may request evidence for the hack from Fetch.ai.
Binance has faced an intense regulatory scrutiny lately resulting from regulatory crackdown on cryptocurrency following concerns that crypto exchanges can be used for money laundering or pose risk for customers to fall victim in scams. In June, the FCA banned Binance from undertaking any regulated activity in the UK.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.