Court orders Binance, Coinbase, and Kraken to disclose client data
The decision will help in the investigation into the hacking of a UK crypto exchange in 2020
30.11.2022 - 15:15
298
2 min
0
London's High Court has ordered six cryptocurrency exchanges, which includes Binance, Coinbase, Luno and Kraken, to disclose client information to help trace $10.7 million that was stolen from a U.K.-based exchange in 2020, according to a court judgement shared with CoinDesk.
The exchange, which remains anonymous as it continues to track stolen funds, managed to trace $1.7 million of the ill-gotten gains after it was hacked in late 2020.
The $1.7 million was dispersed across 26 accounts on six off-shore crypto exchanges, all of which are now required to hand over documents under a new UK rule applying to foreign companies.
“The case is a huge step forward for those who are trying to recover assets that have been taken fraudulently and moved across borders," said Syedur Rahman, a partner at law firm Rahman Ravelli that represented the U.K.-based exchange.
“This ruling is concrete proof of the value of the change to Practice Direction 6B and the possibilities that it offers to anyone facing the task of tracing and recovering what is theirs."
Cryptocurrency-related fraud experienced a sharp increase this year, with ActionFraud revealing that $273 million had been stolen in the U.K. in 2022, a 32% increase on the previous year.
U.K. government took steps to prevent the proliferation of crypto crime last week as it voted to give authorities wider powers to seize cryptocurrency assets tied to criminal activity.
This material is taken from the website coindesk.com.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 117
BTC
+1.26%
-
Ethereum
$3 286.76
ETH
-1.49%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.45
XRP
+23.23%
-
Dogecoin
$0.401846
DOGE
+3.85%
-
Cardano
$0.985645
ADA
+25.15%
-
Stellar XLM
$0.342159
XLM
+40.95%
-
Bitcoin Cash
$489.83
BCH
+1.54%
-
Polkadot
$6.4
DOT
+9.24%
-
Litecoin
$90.78
LTC
+2.68%