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.

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.

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.

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