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Gungun Bhatia
Nov 30, 2022
by Gungun Bhatia

6 Crypto Exchanges Ordered to Share Client Data in $10.7M Fraud Case

Crypto Exchanges Client Data

Table of contents

  1. Amount Split in 6 Crypto Exchanges
  2. Decision Shows Significance and Opportunities
According to a court decision, 6 crypto exchanges, including Binance, Coinbase, Luno, and Kraken, have been ordered by London's High Court to reveal their client data to track down $10.7 million that was taken from a U.K.-based exchange in 2020.

Following its attack in late 2020, the exchange, which keeps its identity hidden while tracking stolen money, was able to locate $1.7 million of the illicit proceeds.

Amount Split in 6 Crypto Exchanges

The $1.7 million was split up among 26 accounts on six foreign cryptocurrency exchanges, all of which must now provide papers in accordance with a new UK regulation that applies to foreign businesses.

Syedur Rahman, a lawyer at the legal firm Rahman Ravelli, who acted as the exchange's representative, stated that for individuals attempting to recover funds that have been unlawfully acquired and transported across borders, the case represents a big step forward.

Decision Shows Significance and Opportunities

This decision serves as tangible evidence of Practice Direction 6B's significance and the opportunities it presents to everyone tasked with tracing and reclaiming what is rightfully theirs.

ActionFraud reported that $273 million had been taken in the U.K. in 2022, a 32% rise over the prior year. This year, cryptocurrency-related fraud saw a dramatic rise. Last week, the U.K. government decided to grant law enforcement the authority to seize bitcoin assets linked to criminal behavior, taking action to halt the growth of cryptocurrency fraud. Therefore, the latest ruling by the UK court asking crypto exchanges to divulge their client data could be a big step towards countering crypto-related frauds.

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6 Crypto Exchanges Ordered to Share Client Data in $10.7M Fraud Case
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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