The London court has ordered Binance to track the hackers involved in the $2.6 million scam. The company Fetch.Ai has also been granted permission by the court to work with the exchange to find the culprits involved in the scam since they were the some affected. Fetch.ai is also of the opinion that crypto is traceable if appropriate steps are taken, and its anonymity is just a myth. This is why I think Binance will be able to get this done if they put in all their efforts.
What happened?
Fetch.Ai reported that hackers had stolen $2.6 million in crypto assets from their Binance account on June 6th. And these hackers then sold the same thing for a much lesser price. This is why it is Binance’s responsibility to find the culprits as their systems were compromised. Binance has already started its investigation and started the process of tracking these criminals. They have even frozen some of the funds that were affected.
Binance has also announced the same that they are doing their due diligence to help Fetch.ai. The exchange is one of the safest, and they even freeze accounts if they see something suspicious. So their platform getting compromised is a big deal.
This is bad news
Binance has already been in the limelight for operating without licenses and not following the local laws of the countries. So, their platform being compromised and a company losing $2.6 million is going to attract a lot of attention. This will again bring their platform under regulatory underwater, and it will be difficult for them to operate. The UK Financial conduct authority has already ordered them to halt their activity in June. Banks have also suspended credit card payments to the platform that was previously used to buy crypto. And things don’t look good for them.
Seeing the bigger picture, this is bad for crypto as well. The UK police recently seized $22.5 million in crypto and is now another case of a scam in this sector. Things are getting really messy, and the government authorities and exchanges need to pay more attention to security.
What are your thoughts on the $2.6 million loss faced by Fetch.ai? And do you think that Binance will be able to track those hackers? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Ethereum worth $9.5 million found on USB stick; seized by UK Police.