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Binance ordered by London High Court to track down cryptocurrency hackers

By Saakshi S. Rawat Saakshi S. Rawat      Aug 20, 2021      0 Comments      1,520 Views
Binance ordered by London High Court to track down cryptocurrency hackers

After a customer claimed to have been the victim of a $2.6 million breach, the High Court of London instructed Binance, one of several world's biggest cryptocurrency exchanges, to locate hackers and suspend their accounts.

A High Court judge approved petitions by artificial intelligence (AI) start-up Fetch.ai for Binance to take measures to identify the hackers, trace and take possession, in a decision made public.

Despite containing a relatively minor quantity, the matter is among the first public entities using Binance and it will be a demonstration of the English judicial system's capacity to combat deception on cryptocurrency platforms.

We can corroborate that we are assisting Fetch.ai in the equity recovery process, a spokesperson for Binance said.

In accordance with our security rules and dedication to ensure that users are safeguarded while using our platform, Binance frequently disables accounts that are detected as potentially suspicious behaviour happening.

Binance has been subjected to intensive regulatory scrutiny as part of a global crackdown on cryptocurrencies, amid worries that such platforms might be used for laundering money or to allow customers to fall victim to scams or uncontrolled bets.

Binance has increased its worldwide compliance team and regulatory board, stating that it is dedicated to following relevant local regulations everywhere it operates.

The notion that cryptoassets are anonymous must be debunked. The truth is that they may be followed, traced, and retrieved with the appropriate rules and procedures according to Reuters, Syedur Rahman, a member at Rahman Ravelli, which is managing Fetch.ai.

On June 6, 2021, hackers allegedly hacked into Fetch.ai's cryptocurrency accounts on the Binance website, according to the company, which is based in England and Singapore and creates AI projects for blockchain databases.

Binance, which had alerted Fetch.ai of unusual behaviour in its account, already had suspended an amount and indicated that it would obey the orders, according to Rahman. Prior to actually requesting a reimbursement order, the claimants must demonstrate that they have been victims of fraud.

In an emailed response, Fetch.ai stated, "We have already been collaborating with Binance and local police to acquire facts about the hacker. It is usual procedure to get a court order for the publication of this material."

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