Recently, London High Court ordered one of the biggest cryptocurrency exchanges, Binance to track the hackers and freeze their respective accounts after one of their customers report the hack of $2.6 million. The court also requested Artificial Intelligence-based Company Fetch.ai on behalf of Binance to take the required steps to identify, track and seize the assets of all the hackers involved in the hack.
According to the researchers, this is one of the first public cases involving Binance and this will test the credibility of the English court system in the handling of the fraud on the cryptocurrency platform.
With the help of Fetch.ai, Binance starts detecting the amounts of suspicious activities happening over the company’s platform which does not comply with the security policies to ensure the security and confidentiality of other users.
Syedur Rahman, while representing Fetch.ai said in his statement that it is a myth that crypto-assets or cryptocurrencies are anonymous and non-traceable. The truth is that with the right compliance-related rules and applications crypto assets or cryptocurrencies can be tracked, traced, and recovered. Binance notified Fetch.ai of all the suspicious activity and froze all the transactions. Before requesting for the recovery of fraud the claimants will have to prove that they are the victims.
By- Harshita Bansal
Legal Intern, WCSF
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