The crypto-verse isn’t new to hacks and scams. However, it isn’t an everyday course that London’s Royal Courts of Justice urges a crypto firm like Binance to track down the perpetrators behind the Fetch.ai attack.
Just when the crypto-verse became increasingly valuable over the years, the crimes surrounding the industry began surging. Law enforcement isn’t too far behind as they have been keeping up with the ongoing trends. This has undoubtedly made it easier for them to track down cybercriminals.
While Binance has been tackling regulators from all across the globe, the exchange had once again come under the purview of the London High Court. The court went on to order the exchange to carry out an investigation to identify the hackers behind the $2.6 million hacks.
Binance to put on its detective cap
An artificial intelligence firm, Fetch.ai issued a plea to the High Court which involved Binance’s efforts in tracking down the criminals. While the firm garnered approval from the Court, CZ’s crypto exchange was required to track and seize the stolen amount.
The exchange’s spokesperson affirmed that the platform was in the process of helping Fetch.ai recover its lost assets. The spokesperson further added,
“Binance routinely freezes accounts that are identified as having suspicious activity occurring in line with our security policies and commitment to ensuring that users are protected while using our platform.”
Additionally, Fetch.ai’s legal team at Rahman Ravelli was looking into the case and Syedur Rahman, a partner at the firm debunked a few myths about the crypto-verse. He pointed out how people are under the belief that crypto-assets were anonymous while in reality they can be tracked, traced as well as recovered.
Fetch.ai further stated,
“We have been working closely with Binance and local enforcement to obtain details about the hacker. Issuing a court order for the release of this information is a standard process.”