• Latest
  • Trending
  • All
Freeze, Hackers! You’re Under Protest! American Legal System Takes Steps Towards Recovering Stolen Assets | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

Freeze, Hackers! You’re Under Protest! American Legal System Takes Steps Towards Recovering Stolen Assets | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

March 22, 2023
Ethereum Trumps Tron, BNB Chain As The Most Active Network By Fees Generated

Ethereum Staking Momentum Falling, What’s Going On?

September 24, 2023
LTC to dip below $60; QUBE to observe a 6,000% surge

LTC to dip below $60; QUBE to observe a 6,000% surge

September 24, 2023
Cryptocurrency Price Today: Bitcoin, Ethereum See Gains As Chainlink Becomes Top Gainer

Cryptocurrency Price Today: Bitcoin, Ethereum See Gains As Chainlink Becomes Top Gainer

September 24, 2023
Low-Cap Ethereum Competitor Skyrockets by 61% This Week Amid Flurry of Futures Contract Listings

Low-Cap Ethereum Competitor Skyrockets by 61% This Week Amid Flurry of Futures Contract Listings

September 24, 2023
Why Bitcoin’s network expansion is not reflecting in BTC’s price

Why Bitcoin’s network expansion is not reflecting in BTC’s price

September 24, 2023
FTX Sues Ex-Employees of Salameda as It Seeks to Recover $157M

FTX Sues Ex-Employees of Salameda as It Seeks to Recover $157M

September 24, 2023
Elizabeth Warren Blasts Bitcoin Mining For Hurting American Wallets And Enriching Crypto Execs By Benzinga

Venezuela authorities seize Bitcoin mining machines from notorious prison  By Crypto.news

September 24, 2023
Borroe.Finance and Dogecoin on the rise in Q4 2023

Borroe.Finance and Dogecoin on the rise in Q4 2023

September 24, 2023
Looking back: 2022 on ethereum.org

Development update #4 – ethereum.org

September 24, 2023
Jak wiele będziesz musiał dziś zapłacić – Bitcoin Cash, Cardano, Ripple, Litecoin oraz EOS? – kryptowaluty 23 września

Jak wiele będziesz musiał dziś zapłacić – Bitcoin Cash, Cardano, Ripple, Litecoin oraz EOS? – kryptowaluty 23 września

September 24, 2023
YENTEN (YTN) Falls 0%, Outperforms the Crypto Market Saturday

YENTEN (YTN) Falls 0%, Outperforms the Crypto Market Saturday

September 24, 2023
Bitcoin (BTC) Price Gearing Up for October Rally, Could Shoot to $37,000

Bitcoin (BTC) Price Gearing Up for October Rally, Could Shoot to $37,000

September 23, 2023
Sunday, September 24, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Crypto Mining

Freeze, Hackers! You’re Under Protest! American Legal System Takes Steps Towards Recovering Stolen Assets | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

by Cuevas Antonio
March 22, 2023
in Crypto Mining
0
Freeze, Hackers! You’re Under Protest! American Legal System Takes Steps Towards Recovering Stolen Assets | Ingram Yuzek Gainen Carroll & Bertolotti, LLP
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Amidst the increase in fraudulent NFT transfers, the American legal system has taken steps towards recovering stolen assets.

Last March, the Ronin Network, a popular DeFi platform was hacked and had approximately $540 million in assets stolen. The United States Treasury’s Office of Foreign Assets Control (OFAC) attributed this hack to the North Korean APT group through the group’s Ethereum address. Law enforcement has seized more than $30 million of the stolen assets, according to a report from Chainalysis, a blockchain research company.

Six months later, in September 2022, Wintermute, a cryptocurrency company, reportedly was hacked for approximately $160 million, and in December 2022, BIT Mining, one of the largest crypto mining companies in the world, reportedly was hacked for approximately $3 million in a cyberattack. Earlier this year, NFT Investments, a British investment company, reportedly was hacked and lost $250,000 of assets in a cyberattack. NFT Investments engaged its US legal team and successfully obtained a temporary restraining order (“TRO”) from a Delaware court. This TRO froze the online wallet containing NFT Investments’ stolen assets and prevents the offending party and/or defendants from transferring the stolen assets. While there remains several steps for NFT Investments’ legal team to have the assets returned, the TRO issued by Delaware is a crucial step.

A New York court has also issued a TRO, in LCX AG v. John Does Nos. 1-25, to prevent hackers from transferring the stolen assets it held across several wallets on the Ethereum blockchain. In New York, to obtain a TRO when seeking a preliminary injunction, the party seeking the TRO must show that it will suffer immediate and irreparable injury if a TRO is not granted before the requisite hearing on their application for a preliminary injunction.

The New York court can issue the TRO and preliminary injunction to freeze accounts only if the court has jurisdiction. For example, if the stolen assets are stored in a wallet maintained by an American-based crypto company, then the New York court may have jurisdiction over the assets. However, what happens if the wallet or assets are maintained or issued by a foreign company? Do courts in the US have jurisdiction to issue and enforce TROs and preliminary injunctions?

A United States District Court Southern District of Florida found that unidentified hackers are guilty of stealing approximately $970,000 of USDT (Tether) from Rangan Bandyopadhyay’s Coinbase wallet in December 2021 and must pay back the amount stolen plus interest. However, because Tether, which issued the USDT in Bandyopadhyay’s wallet, is a Hong Kong based company, US courts may have difficulty enforcing its TROs and preliminary injunctions without cooperation from the foreign company.

While huge strides have been taken by the American legal system, much remains to be done.



Source link

Tags: AmericanAssetsBertolottiCarrollFreezeGainenHackersIngramLegalLLPProtestRecoveringStepsStolenSystemTakesYoureYuzek
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
ChatGPT is Being Used to Make ‘Quality Scams’

ChatGPT is Being Used to Make ‘Quality Scams’

March 20, 2023
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Ethereum Trumps Tron, BNB Chain As The Most Active Network By Fees Generated

Ethereum Staking Momentum Falling, What’s Going On?

September 24, 2023
LTC to dip below $60; QUBE to observe a 6,000% surge

LTC to dip below $60; QUBE to observe a 6,000% surge

September 24, 2023
Cryptocurrency Price Today: Bitcoin, Ethereum See Gains As Chainlink Becomes Top Gainer

Cryptocurrency Price Today: Bitcoin, Ethereum See Gains As Chainlink Becomes Top Gainer

September 24, 2023

Recent News

Ethereum Trumps Tron, BNB Chain As The Most Active Network By Fees Generated

Ethereum Staking Momentum Falling, What’s Going On?

September 24, 2023
LTC to dip below $60; QUBE to observe a 6,000% surge

LTC to dip below $60; QUBE to observe a 6,000% surge

September 24, 2023
Cryptocurrency Price Today: Bitcoin, Ethereum See Gains As Chainlink Becomes Top Gainer

Cryptocurrency Price Today: Bitcoin, Ethereum See Gains As Chainlink Becomes Top Gainer

September 24, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Crypto Mining
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Defi
  • Dogecoin
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Litecoin
  • Market
  • News
  • Uncategorized
  • Web 3.0
  • World

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved