Binance user (Fetch.Ai) lost $2.6 million in another crypto hack; UK High Court ordered Binance to identify the hackers and freeze their accounts

Another day, another report of a crypto hack. It seems no day goes by without headlines of cyberattacks or data breaches. According to a report from Security Magazine, $1.9B in cryptocurrencies were stolen by hackers in 2020, down from $4.5 billion in 2019. Data also shows that fraud was the leading crypto crime last year, followed by theft and ransomware.

As you may recall, on Wednesday, a group of hackers stole more than $600 million worth of crypto in a cyberattack that targeted a decentralized finance platform called Poly Network. Then yesterday, the alleged hacker later returned $342 million of the stolen crypto assets.

Just when you thought the news of crypto hacks over for the week, Reuters reported this morning that a Binance user just lost $2.6 million in another crypto hack. In a judgment that was just made public this week, a London High Court judge has granted requests by artificial intelligence (AI) company Fetch.ai for Binance to take steps to identify the hackers and track and seize the assets, Reuters reported. As part of the ruling, the judge ordered Binance, one of the world’s largest cryptocurrency exchanges, to identify hackers and freeze their accounts.

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

“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 has been making headlines in the last few months, most of which are for the wrong reasons. Last month, Binance founder and CEO Zhao event went as far as saying he’s willing to step down from his role as the company pivots to become a regulated financial institution.

Domiciled in the Cayman Islands, Binance was founded in 2017 by Changpeng Zhao and Yi He. The exchange provides a platform for trading various cryptocurrencies. Today, Binance is the world’s largest crypto exchange. Binance provides access to exchange digital currency pairs on the market while maintaining security, liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.