Upon the orders of the United Kingdom’s high court, Binance will start investigating an incident involving hackers who stole $2.6 million worth of cryptocurrencies.
In June of this year, Fetchi.ai, an artificial intelligence laboratory based in Cambridge, sent a request to Binance to track and identify the hackers who stole its crypto assets from its accounts.
When the hacking was currently taking place, Fetchi.ai immediately implemented account restrictions to prevent hackers from stealing its crypto assets. But the hackers sold those assets to a third-party entity in under an hour.
Request approved
Fetchi.ai requested Binance to freeze the hackers’ accounts on the crypto exchange platform, which the UK high court granted.
Binance expressed its willingness to comply with the court’s order, but it pointed out that Fetchi.ai cannot yet request a recovery order until it can prove that it is indeed a victim of the fraud.
Binance’s challenges
Binance has been hogging the news of late ─ but not for good reasons. For months, the crypto exchange has been facing pressures and scrutiny from governments and regulators in various parts of the world because of its alleged violations of their policies.
A growing number of countries have also sent a signal to Binance that they are willing to ban its operations if it would not follow their existing laws.
Binance is also receiving pressure, not only from countries but also from banks, too. Last July, Barclays prohibited their customers from transferring funds to the crypto exchange. Santander, for its part, has also closed their customers’ access to Binance’s platform.
On top of these, the UK’s Financial Conduct Authority (FCA) has reiterated that Binance is still not authorized to operate in the country. Italian authorities also said the same.
Image courtesy of Cointelegraph News/YouTube
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