The Singapore High Court has allowed monetary investigation agency Intelligent Sanctuary (iSanctuary) to connect nonfungible tokens (NFTs) containing a authorized doc to chilly wallets related to a hack, in accordance to United Kingdom-based iSanctuary and native press accounts.
A court-issued worldwide freeze order was tokenized as soulbound NFTs and attached to the wallets in query. The NFTs won’t stop transactions with the wallets however will serve as a warning to counterparties and exchanges that the wallets have been concerned in a hack. In addition, iSanctuary claimed it has devised a method of monitoring funds leaving the wallets, thanks to the NFTs. The NFTs will likely be completely attached to the wallets.
iSanctuary recounted on its web site that it was employed by a businessperson who had misplaced $3 million in crypto property and was ready to observe the stolen funds. Furthermore:
“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.”
No extra particulars have been offered. iSanctuary named Mintology, an app created by Singaporean NFT studio Mintable, as the producer of the NFTs. That was not directly confirmed by Mintable founder Zach Burks in a posting on X (previously Twitter).
Thanks @straits_times for the nice article.
Happy to assist clear up the crypto house and transfer the NFT ecosystem right into a realm of utility and away from the hypothesis of jpegs!
— Zach Burks (@ZachSpaded) October 18, 2023
The Straits Times reported on Oct. 17 that the case was associated to a stolen non-public key and that Singapore-based crypto exchanges have been concerned 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.”
The newspaper quoted iSanctuary founder Jonathan Benton as saying, “This is a game changer; it can happen in hours if needed. We can serve on wallets and start to police the blockchain, identify those holding illicit assets, serve civil or criminal orders, even red flags.”