Singapore court authorizes freeze order attached to wallets as soulbound NFT

The Singapore High Court has allowed fiscal investigations steadfast Intelligent Sanctuary (iSanctuary) to connect nonfungible tokens (NFTs) containing a ineligible papers to beryllium attached to acold wallets associated with a hack, according to United Kingdom-based iSanctuary and section property accounts.

A court-issued worldwide frost bid was tokenized arsenic soulbound NFTs and attached to the wallets successful question. The NFTs volition not forestall transactions with the wallets, but volition service arsenic a informing to counterparties and exchanges that the wallets were progressive successful a hack. In addition, iSanctuary claimed it has devised a means of tracking funds leaving the wallets, acknowledgment to the NFTs. The NFTs volition beryllium permanently attached to the wallets.

— Zach Burks (@ZachSpaded) October 18, 2023

iSanctuary recounted connected its website that it had been employed by a businessperson who had mislaid $3 cardinal successful crypto assets. iSanctuary tracked the stolen funds. Further:

“The connected concatenation and disconnected concatenation grounds was presented by an iSanctuary elder researcher to the Singapore High Court and the worldwide injunction, a archetypal issued by that court, was granted. iSanctuary fiscal and crypto investigators identified a bid of acold wallets holding the proceeds of the transgression and their method of work via NFT was accepted by the court.”

No further details were provided. iSanctuary named Mintology, an app created by Singaporean NFT workplace Mintable, arsenic the shaper of the NFTs. That was indirectly confirmed by Mintable laminitis Zach Burks successful a posting connected X (formerly Twitter).

Related: Hodl until mega yacht: Mintable laminitis shares crypto journey

The Straits Times reported connected Oct. 17 that the lawsuit was related to a stolen backstage cardinal and Singapore-based crypto exchanges were progressive successful laundering the funds from the hack by fraudsters “purported to beryllium from Singapore.” It added that the lawsuit “spans countries from Singapore to Spain, Ireland, Britain and different European countries.”

The newpaper quoted iSanctuary laminitis Jonathan Benton arsenic saying, "This is simply a crippled changer; it tin hap successful hours if needed. We tin service connected wallets and commencement to constabulary the blockchain, place those holding illicit assets, service civilian oregon transgression orders, adjacent reddish flags."

NFTs have been utilized to present tribunal summonses successful Italy and the United States.

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