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News

Six Crypto Exchanges Asked To Share User Data To Track $1.7 Million Stolen Fund

November 30, 2022 - Around 2 mins mins to read
Six crypto exchanges, including Binance, Coinbase, Luno, and Kraken, will be required to divulge user data in order to assist in the recovery of $10.7 million in money stolen from an unidentified UK-based exchange in 2020.
Six Crypto Exchanges Asked to Share User Data To Track $1.7 Million Stolen Fund

According to the Financial Times, London’s High Court issued a court ruling requesting the data. Two of the six crypto exchanges were not identified.

The anonymous exchange, which has not revealed its identity in order not to “tip off” the hackers, has already traced $1.7 million of the proceeds from the heist.

The $1.7 million was divided among 26 accounts on six offshore crypto exchanges, all of which are now forced to turn over records under a new UK legislation affecting foreign corporations.

Six Crypto Exchanges Asked to Share User Data To Track $1.7 Million Stolen Fund

Lawyer Syed Rahman, who represented the UK exchange, said:

“The case is a huge step forward for those who are trying to recover assets that have been taken fraudulently and moved across borders.”

In the UK, cryptocurrency fraud is on the increase. According to the police unit Action Fraud, reported cases of crypto fraud increased by one-third between September 2021 and September 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Action Fraud

Binance

Coinbase

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Luno

UK

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Six Crypto Exchanges Asked To Share User Data To Track $1.7 Million Stolen Fund

Six crypto exchanges, including Binance, Coinbase, Luno, and Kraken, will be required to divulge user data in order to assist in the recovery of $10.7 million in money stolen from an unidentified UK-based exchange in 2020.
Six Crypto Exchanges Asked to Share User Data To Track $1.7 Million Stolen Fund

According to the Financial Times, London’s High Court issued a court ruling requesting the data. Two of the six crypto exchanges were not identified.

The anonymous exchange, which has not revealed its identity in order not to “tip off” the hackers, has already traced $1.7 million of the proceeds from the heist.

The $1.7 million was divided among 26 accounts on six offshore crypto exchanges, all of which are now forced to turn over records under a new UK legislation affecting foreign corporations.

Six Crypto Exchanges Asked to Share User Data To Track $1.7 Million Stolen Fund

Lawyer Syed Rahman, who represented the UK exchange, said:

“The case is a huge step forward for those who are trying to recover assets that have been taken fraudulently and moved across borders.”

In the UK, cryptocurrency fraud is on the increase. According to the police unit Action Fraud, reported cases of crypto fraud increased by one-third between September 2021 and September 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News