Crypto exchange receives the green light for the pursuit of stolen assets in the British judgment

A London court has instructed cryptocurrency exchanges such as Binance, Coinbase, Kraken and Luno to hand over customer data to a competing operator in order to help him track down stolen funds of $ 10.7 million.

In a judgment of Tuesday, the High Court ordered six stock exchanges, all of which are based outside the United Kingdom, disclosed customer information including names, bank accounts and card details, subject to some blackening.

The judge said "steps should be taken before the smell becomes colder", traced by $ 1.7 million of the money, which was traced back to 26 accounts, all of which belonged or were operated by it. The funds were in digital currencies, including Bitcoin, Rippletether and Ethereum.

The lawsuit of the stock exchange based in Great Britain is one of the first applications of new court rules to help victims of cyber fraud to pursue their assets abroad. According to the judgment, the name of the stock exchange was not announced so as not to give the thieves a "hint".

The British stock exchange asked the court to intervene after being chopped in 2020. The group had initially asked the British law enforcement authorities, but when this proved to be unsuccessful, the group hired crypto tracing experts. They pursued $ 1.7 million on accounts that belonged to one of the six stock exchanges or were operated by them, the British stock exchange shared the court.

dishes and law enforcement authorities have a race to keep up with the strong increase in crypto fraud. In Great Britain, data from the ACTION MASD police unit showed that the total value of the reported crypto fraud cases rose by a third in the 12 months until September 2022. Last year, criminals stolen about $ 6.2 billion, according to the blockchain research group Chainalysis, an increase of 80 per cent from 2020.

In this case, the court applied new rules that enable English judges to impose foreign companies on issuing documents. The rules were celebrated by lawyers as particularly helpful for victims of cryptocurrency fraud in which the parties involved are often anonymous.

victims who turn to the court often lack even the most basic information about the person who stole their money or about their location.

Lawyer Syed Rahman, who represented the British stock exchange, said: "The case is a big step forward for those who try to get assets who were taken with fraudulent intentions and moved across the borders."

The verdict came to the conclusion that it would be "impractical and the interests of the judiciary to ask for a victim of fraud to make speculative applications in various jurisdiction" in order to trace his assets.

Binance refused to comment. Kraken, Luno and Coinbase did not react immediately to inquiries about comments.