British Court Orders Bitfinex to Hold Up Bitcoin Worth $860k

News / 28.01.2020

In Britain, a court has ordered Bitfinex to hold up Bitcoins worth $860k. This is because it was discovered that the coins were for a ransomware payment.

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.

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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.