• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

London court orders Binance to trace cryptocurrency hackers

Reuters / 2 min read.
August 13, 2021
floq.to/zRrJ9

LONDON (Reuters) – London’s High Court has ordered Binance, one of the world’s largest crytocurrency exchanges, to identify hackers and freeze their accounts after one of its users said it was the victim of a $2.6 million hack.

In a judgment made public this week, a High Court judge granted requests by artificial intelligence (AI) company Fetch.ai for Binance to take steps to identify the hackers and track and seize the assets.

While involving a relatively small sum, the case is one of the first public ones involving Binance and will be a test of the English court system’s ability to tackle fraud on cryptocurrency platforms.

“We can confirm that we are helping Fetch.ai in the recovery of assets,” a Binance spokesperson said.

“Binance routinely freezes accounts that are identified as having suspicious activity occurring in line with our security policies and commitment to ensuring that users are protected while using our platform.”

Binance, which has an opaque corporate structure, has faced intense regulatory scrutiny amid a worldwide crackdown on cryptocurrencies over concerns that such exchanges could be used for money laundering or to allow consumers to fall victim to scams or runaway bets.

Binance has said it is committed to complying with appropriate local rules wherever it operates and has expanded its international compliance team and advisory board.

“We need to dispel the myth that cryptoassets are anonymous. The reality is that with the right rules and applications they can be tracked, traced and recovered,” Syedur Rahman, a partner at Rahman Ravelli, which is representing Fetch.ai, told Reuters.

Fetch.ai, which is incorporated in England and Singapore and develops AI projects for blockchain databases, alleges fraudsters hacked their way into its cryptocurrency accounts on the Binance exchange on June 6.

Unable to remove the assets because of account restrictions, they allegedly sold them to a linked third party at a fraction of their value in under an hour.

Rahman said Binance, which had notified Fetch.AI of unusual activity in its account, had already frozen a sum and had indicated it would comply with the orders. The claimants will have to prove they are victims of fraud before seeking a recovery order.

(Reporting by Kirstin Ridley; Editing by Mark Potter)

Categories: News
Tags: application, BI, Data, rates, security

About Reuters

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs

Tags

AI Amazon analysis analytics application Artificial Intelligence BI Big Data business China Cloud Companies company crypto customers Data design development digital engineer engineering environment experience future Google+ government Group health information learning machine learning mobile news public research security services share skills social social media software solutions strategy technology

News

  • Webinar – How to expedite data analytics insights and reduce time-to-value with AWS & Rearc
  • Webinar – How to harness financial data to help drive improved analytics and insights with Envestnet & AWS
  • Webinar: Modernizing Geospatial Data Analysis and Visualization with AWS & Foursquare
  • Data Management Marathon 5.0 – the must-attend Data Event 2022
  • Webinar: 3 ways you can increase ESG ratings for with third party data
More News

Related Online Courses

  • Oracle Cloud Data Management Foundations Workshop
  • Data Science at Scale
  • Statistics with Python
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • 5 Reasons Why Modern Data Integration Gives You a Competitive Advantage
  • 5 Most Common Database Structures for Small Businesses
  • 6 Ways to Reduce IT Costs Through Observability
  • How is Big Data Analytics Used in Business? These 5 Use Cases Share Valuable Insights
  • How Realistic Are Self-Driving Cars?

Search

Tags

AI Amazon analysis analytics application Artificial Intelligence BI Big Data business China Cloud Companies company crypto customers Data design development digital engineer engineering environment experience future Google+ government Group health information learning machine learning mobile news public research security services share skills social social media software solutions strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

settings

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!