Singapore’s High Court has allowed financial research firm Intelligent Sanctuary (iSanctuary) to attach non-fungible tokens (NFTs) containing a legal document to cold wallets associated with a hack, according to UK-based iSanctuary and reports from the local press.
A court-issued global freeze order was tokenized as soul-linked NFTs and attached to the wallets in question. The NFTs will not prevent transactions with the wallets, but will serve as a warning to counterparties and exchanges that the wallets were involved in a hack. Additionally, iSanctuary claimed to have devised a means of tracking funds leaving wallets, thanks to NFTs. The NFTs will be permanently attached to the wallets.
iSanctuary counted on his website that he was employed by a businessman who had lost $3 million in crypto assets and was able to trace the stolen funds. Besides:
“A senior iSanctuary investigator presented the on- and off-chain evidence to the Singapore High Court and the global injunction was granted, the first ever issued by that court. “iSanctuary financial and crypto researchers identified a number of cold wallets containing the proceeds of crime and the court accepted their method of serving via nft.”
No additional details were provided. iSanctuary named Mintology, an app created by Singaporean nft studio Mintable, as the producer of the NFTs. This was indirectly confirmed by Mintable founder Zach Burks in a post on X (formerly Twitter).
Thank you @straits_times for the great article.
Happy to help clean up the crypto space and bring the nft ecosystem into a realm of usefulness and away from JPEG speculation!
The future of NFTs is yet to come! https://t.co/PKmd7uxD7k Show.https://t.co/S8Jf2seNhy
—Zach Burks (@ZachSpaded) October 18, 2023
The times of the strait crypto-exchanges-in-singapore-roped-in-to-help-with-international-case-on-stolen-assets” target=”_blank” rel=”noopener nofollow”>reported on October 17 that the case was related to a stolen private key and that Singapore-based crypto exchanges were involved in laundering funds from the hack by scammers “allegedly to be from Singapore.” He added that the case “spans countries from Singapore to Spain, Ireland, Britain and other European countries.”
Related: Hodl to the mega yacht: Mintable founder shares his crypto journey
The newspaper quoted iSanctuary founder Jonathan Benton as saying: “This is a game-changer; It can happen in hours if necessary. We can serve wallets and begin to monitor the blockchain, identify those who possess illicit assets, comply with civil or criminal orders, even red flags.”
NFTs have been used to serve subpoenas in Italy and the nft-means-future-legal-cases-crypto-henri/” target=”_blank” rel=”noopener nofollow”>USA.
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