Being the top in anything requires immense hard work and at the same time to stand and sustain on the top one has to endure all hardships being put forth. Likewise, being the world’s largest cryptocurrency exchange in terms of market values and sustaining as the largest throughout consistently is not a joke. Amidst all further negative criticisms and aura surrounding Binance, yet comes another, the old Fetch.ai’s Binance account hack has resurfaced back.
London Court’s Decision
Fetch.ai is an artificial intelligence-based technological decentralized machine learning network firm based in the U.K. In spite of being a techno firm, Fetch.ai has been a profuse user of Binance and has accumulated quite an investment in cryptocurrencies. Though, it’s still not clear on what all cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH), Fetch.ai have had their hands on.
However, tragedy came to play when their Binance account was hacked anonymously on June 6th. Furthermore, Fetch.ai’s Binance account has been hacked by some other users of the same platform, transferring the funds from Fetch.ai. It’s estimated that cryptos, mainly their own token ‘Fetch.ai’ worth $2.6 million have been hacked and looted. Also, all the looted Fetch.ai tokens were then later sold out at low prices.
In spite of this, Fetch.ai approached the judiciary to take actions legally upon Binance. Accordingly, the London court finally gave out its judgments. In addition, the London court has now ordered Binance to investigate thoroughly regarding the hack, to identify the hackers, and to further freeze their accounts.
Furthermore, the court says it’s irrelevant regarding whatsoever be the amount, but such crypto-related frauds have to be stopped immediately. In addition, the court has also ordered to completely confiscate all the hackers’ digital assets upon the platform.
Binance’s Replies
On the other hand, Binance says that they are profusely working out and investigating to find the hackers. Furthermore, the term that they have been ordered to freeze any suspicious accounts. In addition, the term that they are doing all they could to retrieve all the losses of Fetch.ai upon their platform.
Besides, they also point out that this is a breach of the codes upon which the firm runs and that they are completely responsible for the security of the assets of the users.
On the contrary, once the funds are retrieved, Fetch.ai has to put forth proper proofs regarding their tokes to Binance.
However, the recent crypto regulations put forth throughout the U.K have cornered Binance evidently. In spite of this, people of the U.K have been warned and have been asked to stop using any means of trade through Binance. Also, they have restricted people from buying any cryptos, either Bitcoin (BTC) or Ethereum (ETH).
Moreover, the U.K Financial Conduct Authority has already ordered Binance to stop all its business in the nation, banning Binance from the U.K.