Six exchanges — including Binance, Coinbase, Luno and Kraken — will have to share user data to help trace $10.7 million in funds stolen from an unnamed UK-based exchange in 2020. London’s High Court issued a court judgment demanding the handover of the data, according to a Financial Times report. Two of the six exchanges involved were not named.
The anonymous exchange — which has not shared its name to avoid “tipping off” the hackers — has already managed to trace $1.7 million of the funds from the hack.
The amount in question was deposited into 26 accounts on the exchanges in cryptocurrencies including bitcoin, XRP, ether and tether. It’s one of the first applications of a new law in the UK to help track assets in cyber-fraud cases, even if the companies holding the information are based overseas, according to FT.
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