Court orders Binance to trace cryptocurrency stolen from a Fetch.ai user

UK court orders Binance to trace stolen cryptocurrency from a Fetch.ai user.

In the United Kingdom, a court has ordered the bitcoin exchange Binance to trace the cryptocurrency stolen from a Fetch.ai user.

According to court documents, on 6 June 2021, attackers gained access to Fetch.ai accounts on the trading platform. They sold the digital assets for $2.6 million, presumably to their own accounts at a “significantly reduced price” to avoid withdrawal restrictions.

The court ordered Binance to locate and freeze the stolen cryptocurrency if it remains on the platform. The documents say the assets include Bitcoin, USDT, BNB and the project’s native token — FET.

We are closely cooperating with Binance and local law enforcement to obtain details about the hacker. Issuing a court order to disclose this information is standard practice,” said a Fetch.ai representative in comments to The Block.

In June, the UK’s Financial Conduct Authority banned Binance’s division from carrying out any regulated activity without prior regulator approval.

Following that, a number of local banks, including Barclays, the Santander branch Santander and NatWest, blocked customer transfers to the exchange. The payments system Clear Junction refused to process Binance-related transactions.

Fetch.ai Limited Anor v Persons Unknown Category a Anor 15-07-21JUD 1 by ForkLog on Scribd

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