It was just recently, when Fetch.ai, an artificial intelligence research lab had submitted a request at the London court. The request was to grant the firm approval, where it could gain support from one of the major cryptocurrency firms to help it investigate a hack.
The reports reveal that Fetch.ai had recently fallen victim to a hack, and as a result of the hack, it ended up losing $2.6 million. Following the submission of the request, the London court has agreed to help Fetch.ai by issuing orders for Binance.
The London court has ordered that Binance, the largest cryptocurrency exchange in the entire world would aid Fetch.ai in identifying the players behind the hack. The exchange will be support and investigating the matter alongside Fetch.ai in order to get to the bottom of the matter. Their focus will be to find the individuals responsible for the $2.6 million hacks.
This news has been covered by one of the major reporting firms known as Reuters. According to the reporting firm, it is the Royal Courts of Justice in London that has proceeded with approving Fetch.ai’s request. The court has issued orders for Binance to help identify the hackers as well as proceed with seizing the assets stolen by them.
In the request, Fetch.ai informed the London Court that the funds were stolen from the account that it had set up at Binance. It was on June 6, 2021, when the hackers attacked their account and made away with $2.6 million worth of cryptocurrencies.
Fetch.ai has revealed that after stealing the $2.6 million worth of cryptocurrencies, the hacker(s) went ahead and sold them for much less than their actual worth. Syedur Rahman from Rahman Ravelli, the legal team at Fetch.ai’s partner, talked about the situation of cryptocurrencies.
He stated that over time, people have started thinking that cryptocurrencies exist as anonymous assets. Therefore, someone needs to come up and dispel this belief and show the world that it is just a baseless myth. He stated that there is always a way to track, trace, and then proceed with recovering funds lost in the form of cryptocurrencies.
Rahman revealed that some of the funds have already been tracked and frozen by Binance while tracking the culprits behind the hack. However, Fetch.ai will be required by Binance to provide all the proofs and evidence surrounding the hack and confirm that the funds were indeed stolen.
Binance is expecting full cooperation from Fetch.ai and it will get full cooperation in order to solve the matter. However, Binance will not be returning any funds to Fetch.ai until it provides all the proofs and evidence surrounding the hack.