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A Court in London Orders Binance Exchange To Track Hackers Behind $ 2.6M Fetch.ai Attack

A Court in London Orders Binance Exchange To Track Hackers Behind $ 2.6M Fetch.ai Attack
“We have to debunk the myth that cryptocurrency assets are anonymous. In fact, with the right rules and applications, they can be tracked and recovered ” said Syedur Rahman.

The artificial intelligence research lab Fetch.ai has received a request for the cryptocurrency exchange Binance to identify the people behind the hacking and theft worth $ 2.6 million.

According to Friday’s Reuters report, the Royal Court of Justice in London ordered Binance to identify hackers and seize stolen assets. Fetch.ai claimed that hackers stole $ 2.6 million in cryptocurrencies from its account on the Binance exchange and resold the tokens on the market at a significantly discounted price.

“We need to debunk the myth that crypto assets are anonymous,” said Syedur Rahman, partner on the Fetch.ai legal team. “In fact, with the right rules and applications, they can be tracked and recovered.”

Supposedly, Binance is already tracking the people behind the attack and has frozen some of the funds involved. However, the exchange may ask Fetch.ai for proof that its account has been hacked before returning the tokens.

“We can confirm that we are helping Fetch.ai to recover resources,” a Binance spokesman told Cointelegraph. “Binance routinely freezes accounts that are identified as exhibiting suspicious activity in line with our security policy and commitment to ensure that users are protected while using our platform.”

Binance has been in the spotlight this year in the UK as local financial institutions announced restrictions on their clients buying cryptocurrency through the platform.

The UK Financial Conduct Authority ordered Binance Markets Limited to halt “regulated operations” in the country in June. Following this announcement, HSBC suspended credit card payments to Binance, and Barclays blocked customer transfers to the stock market.

18-08-2021, Mr Advice TEAM


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