Home
News
- 1 iSanctuary convinced the Singapore court to attach NFTs with legal documents to cold wallets linked with the hack.
- 2 A worldwide freeze order was tokenized as soulbound NFTs and attached to the wallets in question.
As per iSanctuary, the high court of Singapore has allowed financial investigation firm Intelligent Sanctuary to attach non-fungible tokens (NFTs) having legal documents to cold wallets linked with a hack.
The court has provided worldwide freeze orders tokenized as ‘soulbound NFTs’ and attached to the wallets in question. Although the attached NFTs with the account can not stop transactions, they can act as a warning and alert to colleagues and exchanges that the wallets were involved in a hack.
Soulbound NFTs (SBTs) are non-transferrable NFTs and they can’t be bought or sold. SBT is a fairly new concept and its use cases are still being explored. However, as of now, it is being used for certifying social identity.
iSanctuary’s Inputs to the High Court Order?
iSanctuary added that the issued order of linking the NFTs with legal documents to the wallets is a perfect way to track the funds leaving the wallets. The NFTs will be permanently linked to the wallets.
According to its website, iSanctuary was hired by a businessman who lost $3 Million in crypto. iSanctuary tracked the stolen funds, regarding which, senior investigators gave the Singapore High Court on-chain and off-chain evidence. Consequently, the court issued the order to link the soulbound NFTs with cold wallets that contained the stolen funds.
There are no further details related to the matter. iSanctuary named Mintology as the producer of the NFTs. Mintable is a Singapore-based NFT studio. It created the app Mintology. This was indirectly confirmed by Zach Burks (Mintable founder) via X (formerly Twitter).
On October 17, the Straits Times reported that the case was related to a stolen private key that Singapore-based crypto exchanges were involved in laundering the funds from the hack by fraudsters, purported to be from Singapore. The report also covers that the case spans countries from Singapore to Spain, Britain, Ireland, and other European countries.
Jonathan Benton, iSanctuary founder quoted in the newspaper –
““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.”
NFTs have been used in Italy and the United States to deliver the court summons.
Summary
The High Court of Singapore issued an order to attach non-fungible tokens to the accounts that are associated with a multi-million dollar hack. UK-based iSanctuary quoted that this is the first time the court has issued such an order employing a novel way to track the funds – through NFTs attached to the linked blockchain address. However, it can not stop the transactions but acts as an alert for counterparties.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
