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REUTERS / Darrin Zammit Lupi
- Binance has been ordered by the High Court in London to follow the hackers behind the $ 2.6 million heist, Reuters reported.
- The case highlights the ability of the UK justice system to track down cybercriminals.
- It is also one of the first audiences involving Binance, the world’s largest crypto exchange.
- Sign up here for our daily newsletter, 10 things before the opening bell.
Binance has been ordered by the High Court in London to hunt down the hackers behind the $ 2.6 million cryptocurrency heist and freeze their accounts, Reuters first reported.
The judgment was made public recently after the Royal Courts of Justice in London granted a victim’s request to track down the hackers of her Binance account.
The victim, whose account is linked to artificial intelligence firm Fetch.ai, said the money was stolen from his Binance account on June 6 and sold for a price significantly lower than a third in less than an hour . He added that he was unable to move his assets due to account restrictions.
The case, while not massive unlike other heists – some as high as $ 600 million – highlights the UK justice system’s ability to track down cybercriminals. It is also one of the first audiences involving Binance, the world’s largest cryptocurrency exchange.
“We can confirm that we are helping Fetch.ai recover assets,” a Binance spokesperson told Reuters.
“Binance regularly freezes accounts identified as having suspicious activity in accordance with our security policies and our commitment to ensuring that users are protected when using our platform.”
Syedur Rahman, a partner in the Fetch.ai legal team at Rahman Ravelli confirmed that Binance has already frozen an amount and has committed to comply with the orders.
“We need to dispel the myth that crypto assets are anonymous,” Rahman told Reuters. “The reality is that with the right rules and applications, they can be tracked, traced and retrieved.”
Binance, in recent months, has come under increased regulatory scrutiny and multiple crackdowns around the world, with some banning it entirely due to its decentralized nature.
The cryptocurrency exchange has been accused of allowing crimes, such as money laundering, to be carried out.
While Binance was founded in China and officially domiciled in the Cayman Islands, the company’s dispersed physical presence has upset regulators. Currently, it does not have a physical seat.
But on July 27, its CEO Zhao Changpeng expressed his intention to cooperate with global regulators.
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