Anonymous hacker served with restraining order via NFT

74
SHARES
1.2k
VIEWS

Legislation companies Holland & Knight and Bluestone have served a defendant in a hacking case with a short lived restraining order by means of a nonfungible token, marking the primary identified authorized course of to be facilitated by an NFT.

You might also like

The so-called “service token” or “service NFT” was served to an unnamed defendant in a hacking case involving LCX, a Liechtenstein-based cryptocurrency trade that was hacked in January for nearly $8 million. As Cointelegraph reported on the time, the assault compromised the platform’s scorching wallets, ensuing within the lack of Ether (ETH), USD Coin (USDC) and different cryptocurrencies.

LCX reported on June 7 that roughly 60% of the stolen funds are actually frozen with investigations at present underway in Liechtenstein, Eire, Spain and america. Roughly $1.3 million in USDC was frozen by Centre Consortium, a corporation based by USDC issuer Circle and crypto trade Coinbase, primarily based on a courtroom order from the New York Supreme Courtroom.

Associated: Optimism loses 20M tokens after L1 and L2 confusion exploited

LCX mentioned the funds have been laundered through crypto mixer Twister Money however have been later traced by means of “algorithmic forensic evaluation.” The evaluation additionally allowed the corporate to establish wallets related to the hacker.

In mild of those findings, Holland & Knight and Bluestone, the regulation companies representing LCX, served the nameless defendant with a short lived restraining order that was issued on-chain utilizing an NFT. This technique “was permitted by the New York Supreme Courtroom and is an instance of how innovation can present legitimacy and transparency to a market that some imagine is ungovernable,” LCX mentioned.

Source link

Recommended For You

Next Post

Leave a Reply

Your email address will not be published.

Related Articles

Browse by Category