Binance Ordered by London Court to Trace Hackers Behind $2.6M Fetch.ai Attack
Alicia Maher
2 min read
The AI research laboratory – Fetch.ai have had their request granted by the London court as they ask the popular cryptocurrency exchange-Binance to investigate and identify persons who carried out the $2.6 million hack. Following reports from Reuter on Friday, Londons’s Royal Court of Justice has ordered the crypto exchange to showcase the hackers and confiscate the stolen digital assets.
According to Fetch.ai’s report, hackers had stolen about $2.6 million worth of cryptocurrency from their account in Binance. This happened on the 6th of June, the tokens were later sold at a discounted price. Syedur in his statement stated that people needed to disperse the myth that crypto assets were anonymous. London’s High Court has requested Binance, identifies these hackers and freeze their accounts.
Court’s Judgement
In the court’s judgment given this week a High Court judge awarded the petitions made by artificial intelligence (AI) company Fetch.ai for Binance to take steps to identify the hackers and track and seize their assets. Though the sum in question seems relatively small, this is one of Binance’s public cases and this will help test the English court system’s ability to tackle fraud on cryptocurrency platforms.
According to Binance spokesperson, they are working to help Fetch.ai recover its asset, any suspicious account is usually frozen on Binance and this is in line with their policies and commitment to make sure that its users are protected as they use the platform. Binance, with its closed corporate structure, has faced severe scrutiny amid a worldwide crackdown on cryptocurrencies over suspicions that such trades could be utilized for money laundering or to enable consumers fall victim to scams.
Center of Attention
Rahman reports that Binance is in the process of tracing the individuals and has frozen some of the affected funds. However, the exchange may demand evidence from Fetch.ai before returning the tokens. Binance is currently the center of attention in the United Kingdom as the local financial institutions declared restrictions on people purchasing cryptocurrency like Bitcoin and Ethereum from the platform. The U.K Financial Conduct Authority charged Binance Markets Limited to stop all regulated activity in the country in June.
