© Reuters UK court orders Binance to track hacking
London’s Supreme Court ordered Binance, the world’s largest cryptocurrency exchange, to identify and freeze the accounts of hackers involved in an alleged $2.6 million theft of its platform.
The order follows a request from a company called Fetch.ai, which claims its Binance accounts were compromised in June.
According to a transcript of Superior Court proceedings, the company alleges that the hackers got away with several cryptocurrencies, including , , and
A spokesperson for Fetch.ai said the tracking work is already underway and that the company has “worked closely with Binance”. The exchange confirmed its involvement in a statement to Reuters.
In 2019, the Superior Court ruled that Bitcoin could legally be considered “property”, paving the way for requests like Fetch.ai’s. Even so, it is relatively rare for British courts to mandate such deliberate tracking.
And while Binance can freeze certain accounts, Fetch.ai will have to prove that it was actually the victim of a fraud scheme before it can claim the money back in court.
One solution to avoid this type of problem is to keep in your possession the private keys that give access to blockchain funds, eliminating the risk of third-party failure.
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