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Binance Ordered by London High Court to Trace $2.6M Hackers
Fetch.ai alleges hackers stole assets from its Binance account before selling them at a fraction of their value.
Updated Sep 14, 2021, 1:40 p.m. Published Aug 13, 2021, 3:20 p.m.
Cryptocurrency exchange Binance has been ordered by the London High Court to trace the perpetrators of a $2.6 million hack.
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- Fetch.ai, an artificial intelligence company, had its request for Binance to identify and freeze the accounts of hackers granted, Reuters reported Friday.
- Fetch.ai says that in June hackers stole the assets from its Binance account before selling them at a fraction of their value less than an hour later.
- The case represents a legal challenge to Binance's business structure and operations, which have recently met with intense regulatory scrutiny in jurisdictions around the world.
- "We need to dispel the myth that cryptoassets are anonymous," said Syedur Rahman, a partner at Fetch.ai's legal representatives Rahman Ravelli, according to Reuters. "The reality is that with the right rules and applications they can be tracked, traced and recovered."
- Binance confirmed that it is helping Fetch.ai with the recovery of these funds.
Read more: UK Court Orders Bitcoin.org to Remove White Paper Following Craig Wright Lawsuit
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
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- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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