In early June, hackers stole $2.6 million worth of Fetch.ai tokens from accounts at the Binance stock exchange. Now a London court has ordered Binance to track down the robbers. The Royal Court of Justice in London ruled that Binance must identify the hackers and recover the stolen assets.
Lawyers for Rahman Ravelli, who represents the aggrieved party, said Binance has already begun tracing the money, and professionals have managed to recover some of the stolen chips. “We need to dispel the myth that encryption devices are anonymous. In reality, such devices can be tracked and recovered.
We worked with Binance exchange and local law enforcement in advance to get information about the hacker. A court order is standard procedure to get this information,” said lawyer Sidur Rahman. Binance representatives confirmed that they are working on a follow-up and compensation.
However, the exchange may ask Fetch.ai to prove hacking before returning the tokens. Previously, Crypto Fraud and Asset Recovery (C F A A R) was an organization in the U.K. that included lawyers and cryptocurrency experts. CFAAR is designed to help investors recover funds stolen by cryptocurrency fraudsters.