Brief:
- The Judge granted requests by the artificial intelligence (AI) company Fetch.ai for Binance to identify hackers and track and seize the assets.
- Hackers allegedly sold assets to a third party at a fraction of their value in under an hour.
A London high court has ordered cryptocurrency exchange Binance to track down the perpetrators of a $2.6 million hack. The Judge granted requests by the artificial intelligence (AI) company Fetch.ai for Binance to identify hackers and track and seize the assets. The judgement was made public this week.
Fetch.ai, incorporated in England and Singapore, develops AI projects for blockchain databases. The company reportedly claimed that hackers stole $2.6 million worth of crypto from its Binance account in June.
“Unable to remove the assets because of account restrictions, they allegedly sold them to a linked third party at a fraction of their value in under an hour,” according to the reuters. It includes various cryptocurrencies like Tether, Binance Coin, Bitcoin, and FET-Fetch.ai’s own token.
A Binance spokesperson said, “We can confirm that we are helping Fetch.ai in the recovery of assets.”
“Binance routinely freezes accounts that are identified as having suspicious activity occurring in line with our security policies and commitment to ensuring that users are protected while using our platform.”
“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,” Syedur Rahman, a partner at Rahman Ravelli, which is representing Fetch.ai, told Reuters.
Binance is facing intense regulatory scrutiny amid a worldwide crackdown on cryptocurrencies. The U.K. Financial Conduct Authority ordered Binance Market Limited to halt “regulated activity” in the country in June. While another announcement, HSBC blocks payments to the crypto exchange Binance in the U.K.
