British Court Orders Bitfinex to Hold Up Bitcoin Worth $860k
Both Bitfinex and Chainalysis were able to trace Bitcoins worth almost a million dollars back to a ransomware payout. An order by the England and Wales High Court tells Bitfinex to hold up the address and reveal its KYC (Know Your Customer) info. Chainalysis software was utilized in tracking the extorted funds.
The ransomware attack affected an anonymous company as Bitcoins worth $1.2 million was requested. The insurer of the firm that filed the court claim eventually paid 109.25 BTC worth $950k. They converted some BTC into fiat currency while it seems the remaining was sent to an address on Bitfinex’s platform.
The defendants in the case are Bitfinex and its parent firm iFinex. Bitfinex noted his effort in collaboration with the claimant in tracing the Bitcoin and that it is no longer perceived as part of the crime.
Bitfinex maintained the availability of robust systems in its possession to help law enforcement authorities and litigants in cases like this.
Featured image courtesy of Shutterstock. Source: Cryptopress.