The High Court of Singapore has issued a freeze order for stolen crypto funds that will be attached to the wallets containing them as an unremovable NFT.
A British investigative firm tracked down stolen funds and convinced the High Court of Singapore to mark the wallets containing the funds permanently with its order.The Singapore High Court has allowed financial investigation firm Intelligent Sanctuary to attach nonfungible tokens containing a legal document to cold wallets associated with a hack, according to United Kingdom-based iSanctuary and local press accounts.
A court-issued worldwide freeze order was tokenized as soulbound 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. In addition, iSanctuary claimed it has devised a means of tracking funds leaving the wallets, thanks to the NFTs. The NFTs will be permanently attached to the wallets.
“The on chain and off chain evidence was presented by an iSanctuary senior investigator to the Singapore High Court and the worldwide injunction, a first issued by that court, was granted. iSanctuary financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime and their method of service via NFT was accepted by the court.”, as the producer of the NFTs. That was indirectly confirmed by Mintable founder Zach Burks in a posting on X .
Happy to help clean up the crypto space and move the NFT ecosystem into a realm of utility and away from the speculation of jpegs!on Oct. 17 that the case was related to a stolen private key and that Singapore-based crypto exchanges were involved in laundering the funds from the hack by fraudsters “purported to be from Singapore.” It added that the case “spans countries from Singapore to Spain, Ireland, Britain and other European countries.
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