Singapore High Court Allows NFTs to Attach Legal Document to Hacked Wallets
The Singapore High Court has granted permission for financial investigation firm Intelligent Sanctuary (iSanctuary) to attach nonfungible tokens (NFTs) containing a legal document to cold wallets associated with a hack. This move serves as a warning to counterparties and exchanges that the wallets were involved in the hack. iSanctuary claims that it has also developed a method to track funds leaving the wallets through the NFTs, which will be permanently attached.
iSanctuary was employed by a businessperson who lost $3 million in crypto assets and successfully tracked the stolen funds. The evidence presented by iSanctuary’s investigators was accepted by the Singapore High Court, leading to the issuance of a worldwide injunction — a first for the court. Mintology, an app created by Singaporean NFT studio Mintable, was named as the producer of the NFTs.
Case Involves Stolen Private Key and Crypto Exchanges
The case reported by The Straits Times on Oct. 17 involves a stolen private key and the laundering of funds from the hack through Singapore-based crypto exchanges. The fraudsters involved claimed to be from Singapore, and the case spans multiple countries including Spain, Ireland, Britain, and other European countries.
Hot Take: Using NFTs to Attach Legal Documents is a Game Changer for Blockchain Investigations
The recent decision by the Singapore High Court to allow iSanctuary to attach NFTs containing legal documents to hacked wallets marks an important milestone in blockchain investigations. By permanently attaching these NFTs, counterparties and exchanges are warned about their involvement in a hack. Furthermore, iSanctuary’s ability to track funds leaving the wallets through the NFTs provides a crucial tool in identifying and recovering stolen crypto assets. This innovative use of NFTs demonstrates their potential for enhancing security and accountability in the crypto space.
By
By
By
By
By