The London city High Court has ordered crypto exchange Binance to trace and freeze digital currencies hacked from the accounts of one of its clients, Fetch.ai.
According to court documents, Fetch.ai lost $2.6 million in cryptocurrency as hackers accessed its Binance accounts. They then sold the tokens to a linked account on June 6, for a fraction of their value.
Lawyer Syedur Rahman said:
“We need to dispel the myth that crypto assets are anonymous. In reality, such assets can be tracked and returned. We worked with Binance and local law enforcement in advance to get information on the hacker. A court order to obtain this information is a standard process.”
Binance has confirmed that it is fully cooperating with Fetch.ai in the hack issue. A spokesperson for Binance said that the exchange routinely locks accounts that have suspicious activity. This is in accordance with our security policies, and our commitment to ensure that our users are safe while using our platform.