Binance Ordered by London High Court to Trace $2.6M Hackers

Fetch.ai alleges hackers stole assets from its Binance account before selling them at a fraction of their value.

Aug 13, 2021 at 3:20 p.m. UTC

Updated Sep 14, 2021 at 1:40 p.m. UTC

Cryptocurrency exchange Binance has been ordered by the London High Court to trace the perpetrators of a $2.6 million hack.

Fetch.ai, an artificial intelligence company, had its request for Binance to identify and freeze the accounts of hackers granted, Reuters reported Friday.
Fetch.ai says that in June hackers stole the assets from its Binance account before selling them at a fraction of their value less than an hour later.
The case represents a legal challenge to Binance's business structure and operations, which have recently met with intense regulatory scrutiny in jurisdictions around the world.
"We need to dispel the myth that cryptoassets are anonymous," said Syedur Rahman, a partner at Fetch.ai's legal representatives Rahman Ravelli, according to Reuters. "The reality is that with the right rules and applications they can be tracked, traced and recovered."
Binance confirmed that it is helping Fetch.ai with the recovery of these funds.

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