Binance get order to identify and freeze hackers accounts

Syed AhadWeb Editor

13th Aug, 2021. 11:27 pm
Binance

Binance has been ordered by the high court of the UK to investigate the hackers who robbed $2.6 million from Fetch.ai and freeze their accounts.

The amount of money is lesser than the amount compared to the recent hack of Poly Network, it is one of the first public cases involving Binance and will be a litmus test for English courts and their abilities to combat fraud on cryptocurrency platforms

A spokesperson from Binance confirmed that the company was helping Fetch.ai to recover its assets. They went on to say:

“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 warned Fetch.ai that it had seen strange activity on their account. Binance already freezes some of the money for safety, the hacker was able to sell some of the assets, but only for a third of the original amount.

The result of the hack on the Poly network and this case shows that it is becoming extremely hard for hackers to hack into accounts, rob cash, and keep it.

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