The Supreme Court orders Binance to search for and seize the hackers’ property

The High Court in London ordered the cryptocurrency exchange Binance to track down and freeze the accounts of cryptocurrency hackers for alleged security breaches totaling $ 2.6 million.

Hunt for hackers

Her Majesty’s High Court of Justice of England has ordered the cryptocurrency exchange Binance to look for the accounts of cryptocurrency hackers and then freeze their accounts. Crypto-exchange fraudsters should look for Fetch.ai.

“A global account freezing order is required for those who have been knowingly involved in fraud in order to freeze their assets worldwide. We must dispel the myth that cryptocurrency assets are anonymous. The reality is that with the right rules and applications, they can be tracked, traced and renewed. ”

The company Fetch.ai  specializes in artificial intelligence for blockchains. On their official website, they claim that the company is building a tokenized decentralized network using AI. It enables an intelligent infrastructure based on a decentralized digital economy.

Fetch.ai reports that on June 6 of this year, hackers gained access to Binance accounts that contained BTC, Binance Coin, Tether and the FET token. Hackers allegedly traded in stolen cryptocurrencies for a large discount to a third party.

A spokesman for the cryptocurrency exchange Binance said:

“Binance routinely freezes accounts for which suspicious activity is identified in accordance with our security policy and commitment to protecting users when using our platform.”

Conclusion

Until recently, Binance could boast the title of the largest cryptocurrency exchange in the world. Recent developments, however, show that Coinbase is experiencing much better results, taking over the scepter. You can read the full text of the court proceedings against Binance under the attached link HERE.