Bitfinex To Hold Upto $860k Worth of Bitcoin, Orders a British Court

News / 28.01.2020

A British court ordered Bitfinex to hold up to Bitcoins worth $860k. It was after finding out that there were cryptocurrencies for a ransomware payment. Bitfinex and Chainalysis traced the Bitcoins with almost a million dollars back to ransomware payment.

England and Wales High Court ordered the exchange to hold up the address and reveal its Know Your Customer (KYC) information. Chainalysis software got used when tracking the stolen funds.

More on the Court Order

An anonymous company got affected by the ransomware attack since Bitcoins worth $1.2 million got requested. However, the firm’s insurer who filed the court claim paid $109.25 Bitcoins into fiat currency, while the remaining amount got sent to an address on Bitfinex’s platform.

Bitfinex and iFinex were the defendants of the case. The exchange collaborated with the claimant in tracing the extorted coins, and the firm is currently not regarded as part of the crime. Bitfinex even availed its robust systems to help litigants and law enforcement authorities in the case.

A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.