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.

AccessTimeIconAug 13, 2021 at 3:20 p.m. UTC
Updated Sep 14, 2021 at 1:40 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cryptocurrency exchange Binance has been ordered by the London High Court to trace the perpetrators of a $2.6 million hack.

  • 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.