London court orders Binance to trace hackers behind $2.6M Fetch.ai attack

Regulatory preasure forces Binance to suspend Euro deposits
Regulatory preasure forces Binance to suspend Euro deposits

London court orders Binance to trace hackers behind $2.6M Fetch.ai attack – Artificial intelligence research lab Fetch.ai has been granted a request to have major cryptocurrency exchange Binance identify individuals behind a $2.6 million hack.

According to a Friday Reuters report, the Royal Courts of Justice in London has ordered Binance to identify the hackers and seize the stolen assets. Fetch.ai reportedly claimed that hackers stole $2.6 million worth of cryptocurrency from its Binance account on June 6 and resold the tokens for a significantly reduced price.

“We need to dispel the myth that crypto assets are anonymous,” said Syedur Rahman, a partner from Fetch.ai’s legal team at Rahman Ravelli. “The reality is that with the right rules and applications, they can be tracked, traced and recovered.”

Rahman reportedly claimed Binance is already in the process of tracking down the individuals and had frozen some of the affected funds. However, the exchange may request evidence from Fetch.ai that its account was hacked before returning the tokens.

Binance has been at the center of attention in the United Kingdom this year as the local financial institutions announced restrictions on their customers buying cryptocurrency using the platform. The U.K. Financial Conduct Authority ordered Binance Markets Limited to halt “regulated activity” in the country in June. Following that announcement, HSBC suspended credit card payments to Binance, while Barclays blocked customer payments to the exchange.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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