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London Court Orders Six Crypto Exchanges to Share Client Details to Assist in $10.7M Fraud Case
The unnamed crypto exchange traced $1.7 million of the stolen funds after being hacked for $10.7 million in 2020.
Von Oliver Knight
London's High Court has ordered six cryptocurrency exchanges, which includes Binance, Coinbase, CoinDesk sister company Luno and Kraken, to disclose client information to help trace $10.7 million that was stolen from a U.K.-based exchange in 2020, according to a court judgement shared with CoinDesk.
The exchange, which remains anonymous as it continues to track stolen funds, managed to trace $1.7 million of the ill-gotten gains after it was hacked in late 2020.
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The $1.7 million was dispersed across 26 accounts on six off-shore crypto exchanges, all of which are now required to hand over documents under a new U.K. rule applying to foreign companies.
“The case is a huge step forward for those who are trying to recover assets that have been taken fraudulently and moved across borders," said Syedur Rahman, a partner at law firm Rahman Ravelli that represented the U.K.-based exchange.
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“This ruling is concrete proof of the value of the change to Practice Direction 6B and the possibilities that it offers to anyone facing the task of tracing and recovering what is theirs."
Cryptocurrency-related fraud experienced a sharp increase this year, with ActionFraud revealing that $273 million had been stolen in the U.K. in 2022, a 32% increase on the previous year.
U.K. government took steps to prevent the proliferation of crypto crime last week as it voted to give authorities wider powers to seize cryptocurrency assets tied to criminal activity.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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