iSanctuary, which is an investigative agency in Britain, has cracked the whip on money that has been siphoned off and identified the concerned wallets. The agency filed an appeal with the High Court of Singapore and received consent to pin down the wallets. Through the tokenization of legal documents in the form of NFTs, the agency will try to control the situation and prevent any added malpractices with regards to the compromised wallets.
The High Court of Singapore has given iSanctuary the go-ahead to connect NFTs with legal documents to the concerned wallets. These NFTs, being one with the wallets, play the role of an international freeze order notification in the case of prospective associates and exchanges mulling over carrying out transactions with such wallets. The NFTs do not actually stop transactions, but they are able to hone in on the wallets engaging in malpractices.
In the opinion of iSanctuary, the NFTs will be significant for tracking withdrawn funds from these wallets. Through this, it will be possible for iSanctuary to keep a close watch on the getting rid of and redeeming of the compromised funds. The agency believes this will save the business, which incurred a loss of $3 million in the form of cryptocurrency, as well as set an example for related cases in the future.
The senior investigator of iSanctuary managed to satisfy the court about the validity of the evidence produced, which was off-chain as well as on-chain. In turn, the High Court of Singapore released an international injunction, the first of its kind with regard to cryptocurrency theft. There was also consent given for utilizing NFTs for serving legal orders. The NFT studio in Singapore, Mintable, had a major role in developing the NFTs. Mintology, the application developed by Mintable, was responsible for building the tokenized legal documents. The founder of Mintable, Zach Burks, divulged the fact via a social media post that the company had contributed to all of this.
The founder of iSanctuary, Jonathan Benton, spelled out the significance of this method of regulating the blockchain. Following the identification of wallets containing illegal assets, iSanctuary’s utilization of NFTs opens the doors for businesses to serve civil and criminal notices with immediate effect. This helps in redeeming siphoned-off funds as well as setting an example for the future.
This way of utilizing NFTs in the form of legal documents and tracking siphoned-off funds, along with the international freeze order, is indeed a landmark as far as the battle against cryptocurrency-oriented illegal activities is concerned. It also speaks volumes about the court’s compatibility with technology.
Source: https://www.cryptonewsz.com/isanctuary-uses-nfts-to-crack-down-on-hacked-wallets/