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Binance Ordered To Trace Hackers Behind The $2.6 Million Fetch.ai Attacks By The London Court

The leading crypto exchange in the world, Binance has been requested by the artificial intelligence research lab Fetch.ai to trace hackers behind a $2.6 million attack. The London court has approved the research lab’s request and ordered the major crypto exchange to identify the culprits behind the hacking.

The press reports on Friday detailed the court’s orders, and the attack on the research lab. The Royal Courts of Justice has ordered Binance to find the culprits behind the attack, and recover the stolen assets. According to recent reports, the hackers have stolen $2.6 million worth of digital assets from the research lab’s Binance account on June 6. Fetch.ai claims the hackers had resold the assets for a significantly low price.

A partner from Fetch.ai’s legal team at Rahman Ravelli, Syedur Rahman, has come forward with a statement regarding the case. Rahman has claimed that the crypto exchange is already in the process of tracing the hackers, and has already frozen most of the affected assets from the attack. He added that Binance might require evidence from Fetch.ai that its account was hacked before the stolen assets are returned.

A Binance spokesperson confirmed the exchange’s efforts in recovering the stolen assets. The spokesperson stated that the exchange routinely freezes accounts that have been identified as suspicious or are allegedly involved in illicit activities against the exchange’s security policies. The spokesperson assured that user’s assets will be protected while using their platform for services.

Binance has been the centre of attention in many regions this year. the crypto exchange has been under criticism and heat from several regulatory agencies, and commissions under alleged suspicious activities. Local financial institutions in the United Kingdom imposed sanctions on the crypto exchange, restricting the customers from buying digital assets using the Binance platform. In June, the U.K Financial Conduct Authority ordered a subsidiary Binance Markets Limited to cease all regulated operations in the UK.

Following the announcement, the multinational investment HSBC suspended credit card payments to the exchange, while the banking major Barclays blocked all customer payment services to Binance.

This is not the first time legal teams have taken action against crypto-based fraudulent activities. Earlier in August, the United Kingdom’s legal industry launched the Crypto Fraud and ASSET recovery (CFAAR). The network was aimed at providing remedies against crypto-related fraudulent activities.

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