Binance Ordered by London High Court to Trace $2.6M Hackers

Fetch.ai alleges hackers stole assets from its Binance account before selling them at a fraction of their value.

AccessTimeIconAug 13, 2021 at 3:20 p.m. UTC
Updated Sep 14, 2021 at 1:40 p.m. UTC

Cryptocurrency exchange Binance has been ordered by the London High Court to trace the perpetrators of a $2.6 million hack.

  • Fetch.ai, an artificial intelligence company, had its request for Binance to identify and freeze the accounts of hackers granted, Reuters reported Friday.
  • Fetch.ai says that in June hackers stole the assets from its Binance account before selling them at a fraction of their value less than an hour later.
  • The case represents a legal challenge to Binance's business structure and operations, which have recently met with intense regulatory scrutiny in jurisdictions around the world.
  • "We need to dispel the myth that cryptoassets are anonymous," said Syedur Rahman, a partner at Fetch.ai's legal representatives Rahman Ravelli, according to Reuters. "The reality is that with the right rules and applications they can be tracked, traced and recovered."
  • Binance confirmed that it is helping Fetch.ai with the recovery of these funds.

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