Binance Ordered to Investigate $2.6M Hack

A court in the United Kingdom has ordered leading crypto exchange, Binance, to take actions against hackers who reportedly stole $2.6 million worth of crypto assets from the account of Fetch.ai, an artificial intelligence lab in the country. According to the order, the exchange has to not only track the fraudsters but it also must identify them. 

On June 6, Fetch.ai became a victim of a crypto hack which led to the loss of millions. Although account restriction initially prevented the perpetrators from moving the assets, they were later sold to a third party on the platform within the space of an hour. 

The leading exchange, Binance, has indicated it would comply with Fetch.ai requests granted by the UK High Court. However, the victim can not claim the recovered assets until they prove they are victims.

This court order coincides with the period that the CZ-led crypto firm is experiencing increased regulatory scrutiny and crackdown globally. The exchange has been banned in some countries recently, while others like the UK only warned users against the platform.

In July, two UK Banks (Barclays and Santander) took action against the exchange. They both stopped facilitating payments to the exchange as a response to the consumer warning issued by the UK FCA at the time. This was followed by the suspension of Pounds Sterling, the UK official currency, as a withdrawal option by the platform.

Equally, Binance is also battling some internal crises. Recently, two high-ranking officials of the company resigned. Recall the resignation of Brook, who stepped down three months after he first took the job.

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