UK Court Orders Binance to Find Hackers Who Stole Fetch.ai Tokens


A UK court has ordered Binance to trace cryptocurrency hacked from one of its users, Fetch.ai, according to an order.

August 16, 2021, | AtoZ Markets – In early June 6, 2021, hackers stole $2.6 million worth of Fetch.ai tokens from accounts on the Binance exchange. Now a London court has ordered exchange specialists to track the burglars.

According to a ruling from the Royal Court of London, Binance must identify the hackers and recover the stolen assets. The court also ordered Binance to block the stolen cryptocurrency if it is on the platform. The documents say that the stolen crypto assets includes Bitcoin, USDT, BNB and the native token of the project itself – FET.

Binance managed to recover some of the stolen tokens

According to the lawyers of Rahman Ravelli, representing the injured party, Binance has already begun tracking funds and specialists have managed to recover some of the stolen tokens.

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,”said lawyer Syedur Rahman.

Binance representatives have confirmed that they are working on tracking and refunds. However, the exchange may ask Fetch.ai to provide evidence of the hack before returning the tokens.

Recall that in June, the UK Financial Conduct Authority banned the British division of Binance from carrying out any regulated activities without prior approval from the regulator.

Read also: Binance Stops Support for South Korean Won Trading Pairs

After that, a number of local banks, including Barclays, a subsidiary of Santander and NatWest, blocked customer transfers to the exchange. The Clear Junction payment system has also stopped processing Binance-related transactions.

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