Lawstreet Journal

Binance ordered by London High Court to track down cryptocurrency hackers

Lawstreet Journal 20 Aug 2021 5:59pm

Image courtesy: Lawstreet Journal Business Binance ordered by London High Court to track down cryptocurrency hackers

After a customer claimed to have been the victim of a $2.6 million breach, the High Court of London instructed Binance, one of several world's biggest cryptocurrency exchanges, to locate hackers and suspend their accounts.

A High Court judge approved petitions by artificial intelligence (AI) start-up Fetch.ai for Binance to take measures to identify the hackers, trace and take possession, in a decision made public.

Despite containing a relatively minor quantity, the matter is among the first public entities using Binance and it will be a demonstration of the English judicial system's capacity to combat deception on cryptocurrency platforms.

We can corroborate that we are assisting Fetch.ai in the equity recovery process, a spokesperson for Binance said.

In accordance with our security rules and dedication to ensure that users are safeguarded while using our platform, Binance frequently disables accounts that are detected as potentially suspicious behaviour happening.

Binance has been subjected to intensive regulatory scrutiny as part of a global crackdown on cryptocurrencies, amid worries that such platforms might be used for laundering money or to allow customers to fall victim to scams or uncontrolled bets.

Binance has increased its worldwide compliance team and regulatory board, stating that it is dedicated to following relevant local regulations everywhere it operates.

The notion that cryptoassets are anonymous must be debunked. The truth is that they may be followed, traced, and retrieved with the appropriate rules and procedures according to Reuters, Syedur Rahman, a member at Rahman Ravelli, which is managing Fetch.ai.

Continue Reading...

Tagged: Binance  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com