Court in Singapore Halts Over $8.6M in Stolen Crypto
Court in Singapore Halts Over .6M in Stolen Crypto

The High Court of Singapore has ruled in favor of the victim who had his digital assets stolen by unknown persons.

With cryptocurrencies gaining more recognition from the government and law enforcement, people are more confident in retrieving stolen digital funds by fraudulent parties.

Based on a report by a local news outlet, one American entrepreneur had his digital assets stolen due to an overheard conversation. After telling his acquaintance the combination to a safe which had the recovery seeds, the entrepreneur asked his friend to take some money out.

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However, the friend had some additional people with him when he repeated the combination out loud.

The following day, the entrepreneur discovered that large amounts of Bitcoin and Ethereum, amounting to over $8.6 million, were sent to an unknown wallet address. He asked the High Court of Singapore to investigate the theft of almost 110 BTC ($4.56M at current prices) and just shy of 1500 ETH (almost $4.1M at current prices). 

Luckily enough, $1M worth of BTC was traced and linked to two local crypto exchanges, and they were ordered to freeze the remaining funds of the digital wallets connected to the transaction.

Fraud has lately become a theme in the crypto market. Just a week ago, the UK’s government proposed laws that would enable law enforcement to track cryptocurrency transactions from wallets related to criminal activities.

Dom Z. - Crypto Analyst


Dom Z. – Crypto Analyst, BitDegree

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