Binance ordered to investigate $2.6M hack

Binance, the world’s largest cryptocurrency exchange, has been ordered by the UK High Court to take action against hackers who allegedly stole $2.6 million in bitcoin.

According to reports, on June 6,, a Cambridge-based artificial intelligence lab, asked that Binance identify and monitor criminals who broke into their cryptocurrency accounts. The hackers were unable to remove the disputed assets due to account limitations. As a consequence, they allegedly sold such assets within an hour to a third party.

Additionally, the firm asked that Binance immediately freeze the hackers’ accounts on the exchange. Following that, a High Court judge approved’s petitions. According to sources, Binance has stated that they would adhere to the court’s instructions. However, claimants will be unable to get a recovery order unless they can demonstrate they were victims of fraud.

Binance continues to be scrutinized.

This court ruling comes at a difficult time for Binance. The exchange has lately been under increased scrutiny from international organizations. Several nations, like the United Kingdom, have issued warnings to users about Binance, while others have imposed full restrictions. At the start of July, two of the country’s largest banks blocked client access to Binance. To begin, Barclays halted client money transfers to the exchange. Then, a few days later, Santander UK suspended all payments to Binance.

Both institutions acted in response to a consumer warning issued by the Financial Conduct Authority, the UK’s financial regulator (FCA). According to the regulatory authority, Binance was not allowed to do bitcoin commerce in the United Kingdom. Later in July, Italian authorities issued a similar warning.

Binance removed Pounds Sterling (GBP), the official currency of the United Kingdom, as a withdrawal option shortly after these institutions made their choices. Binance has also lately encountered internal difficulties. Two senior executives resigned from their respective exchange branches within a month. Brian Brooks, a former top US financial regulator, has resigned as CEO of Binance. The US. He had been in the position for just three months.

Mr. Brooks highlighted “differences over the strategic direction” in his departure letter on Twitter, but also wished his former colleagues luck. His resignation comes three weeks after Ricardo Da Ros quit as director of Binance Brazil in July. Mr. Da Ros had similarly been in the position for just a few months before he resigned.

Also Read: Crypto Tax Provision Could Stifle Growth, Says Mark Cuban