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Binance Gets Orders From London Court to Investigate $2.6M Hack

Binance Gets Orders From London Court to Investigate $2.6M Hack
  • Fetch.ai had its request granted for Binance to identify culprits behind a $2.6M attack.
  • Binance is already in the process of identifying these hackers and freezing funds.
  • The exchange might ask Fetch.ai to produce evidence about the attack.

Fetch.ai, the artificial intelligence research lab, had its request granted for leading crypto exchange Binance to identify culprits behind a $2.6 million hack.

As per Reuters, the Royal Courts of Justice in London have ordered Binance to identify the hackers and seize the stolen assets. Moreover, Fetch.ai has claimed that hackers stole $2.6 million worth of cryptocurrency from its Binance account. The attack, which happened on June 6, ended with them selling the tokens for a much more reduced price.

Further, an important executive in the matter, Syedur Rahman, spoke to the media about this event. “We need to dispel the myth that crypto assets are anonymous,” he said. He is a partner from Fetch.ai’s legal team at Rahman Ravelli. He added further,

The reality is that with the right rules and applications, they can be tracked, traced, and recovered.

Moreover, Rahman claimed that Binance is already in the process of tracking down the individuals. The exchange has even frozen some of the affected funds. Still, it is likely that it will request evidence from Fetch.ai about the account hacking before even returning the tokens.

A Binance spokesperson also chipped in:

“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.”

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.