The user filed a case in London’s high court after he got robbed of $2.6 million in a hacking attack. The court has ordered Binance, one of the world’s largest and renowned crypto exchanges, to track down the hackers and freeze their accounts. In a detailed judgment, the High Court judge granted requests by artificial intelligence (AI) company Fetch.ai for Binance to adopt all the possible means to make sure that hackers are identified, and their accounts are locked. Even though the economies of scale regarding this case are not that higher. But this is the first-ever public case involving Binance. The previous case which involved Binance was regulatory in nature, public interest was not directly linked to those cases. However, the unique nature of this hacking case is a real challenge for the English Court System.
This is a taste case scenario. It will judge the court’s capability to tackle fraud on digital platforms. However, The Binance Officials have said “We can assure all the stakeholders that the company is doing their best to help Fetch.ai in recovering these assets.”
Officials also said, “Binance regularly suspends accounts that appear to be involved in any sort of suspicious activities in line with our security policies, company is constantly committed to ensuring the safety of the users using our platform.” Binance, which has a hazy corporate design, has faced extreme regulatory inspection amid an overall crackdown on digital currencies over worries that such trades could be utilized for tax evasion or to permit shoppers to succumb to tricks or runaway bets.
Binance has assured the court that the company is obeying the necessary local rules and regulations in the regions it operates. The crypto exchange has also expanded its internal regulatory team to cope with the regulatory issues.
Fetch.ai representative, Syedur Rehman, told “We need to dismiss the myth that digital assets are unidentified. The reality is that with the placement of proper rules and tracking mechanism they can be tracked.”
Fetch.ai a tech company, which currently operates in England and Singapore, develops AI and AR frameworks for blockchain and digital companies. The company alleged that some hackers breached their online security protocol and hacked the company’s cryptocurrency accounts on the Binance exchange.
Rehman said that Binance informed Fetch.ai about the suspicious activity happening on its accounts. Binance has already frozen the sum in those accounts. Despite all these claims, the recent hack attack further backed the anti-crypto narrative that digital trading, especially crypto trading, is not safe for the public and cannot protect the public interest. It is worth mentioning that over the past couple of weeks, this is the fourth hacking attack.