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HomeCrypto NewsExchangesUK Court Orders Binance To Find And Freeze $2.6M Hacked Funds That Were Stolen From Fetch.Ai Binance Account

UK Court Orders Binance To Find And Freeze $2.6M Hacked Funds That Were Stolen From Fetch.Ai Binance Account

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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.


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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.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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