The Singapore High Court has set a precedent by issuing a global freeze order like no other. U.K.-based Intelligent Sanctuary (iSanctuary), a financial investigation firm said that the court allowed them to attach nonfungible tokens (NFTs) to cold wallets involved in a cyberattack. But these aren’t just any NFTs; they’re “soulbound” to the legal document representing the freeze order.
These unique NFTs serve as a dire warning to counterparties and exchanges. They signal their involvement in a hack. iSanctuaryclaims they’ve developed a method to track funds moving out of these wallets. These innovative NFTs will be permanently affixed to the wallets. How did iSanctuary get involved? 
iSanctuary’s is involved because of a businessman who lost $3 million in crypto. The stolen funds were tracked by the team by analysing blockchain. They provided detailed on-chain and off-chain evidence to the Singapore High Court. As a result, the court made a historic decision by granting this order.
The on chain and off chain evidence was presented by an iSanctuary senior investigator to the Singapore High Court and the worldwide injunction, a first issued by that court, was granted. iSanctuary financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime and their method of service via NFT was accepted by the court. Who produced these NFTs? 
All of this was possible because to Singaporean NFT studio Mintable’s app Mintable. Founder Zach Burks confirmed that Minotology that they produced the NFTs that made all of this possible.
Thanks
iSanctuary founder Jonathan Benton noted that this development is a “game changer.” Now they can effectively police on blockchains and identify those holding illegally obtained assets. They will serve civil or criminal orders, and raise red flags where necessary
In another case, it was reported that a stolen private key led to Singapore-based crypto exchanges participating in laundering funds. The hackers posed as “Singaporean fraudsters.” This complex web of cybercrime spans across multiple countries, including Spain, Ireland, Britain, and various European nations. Singapore’s rich like Crypto 
Beyond these attention-grabbing legal and financial developments, Singapore’s appetite for digital assets is only growing. A <a href="https://news.todayq.com/60-rich-people-in-hong-kong-and-singapore-want-money-invested-in-digital-assets/" rel="noopener noreferrer nofollow">study</a> found that over 34% of family offices and HNWIs in Singapore and Hong Kong with assets under management ranging from $10 million to $500 million.
Nearly 60% of them have plans to enter the digital asset market. They have a strong inclination towards non-fungible tokens (NFTs) and decentralized finance (DeFi) products.
These holdings have been undeterred by market fluctuations. They are embracing cryptocurrencies, with a particular focus on non-fungible tokens (NFTs) and decentralized finance (DeFi) products.
Singapore’s role in shaping the future of cryptocurrency security becomes more visible with the fusion of NFTs and legal actions. The NFT revolution may well have just found its way into the courtroom. This is encouraging since the NFT craze has dropped and 95% of all NFTs are worthless, as per a latest report
This surge in interest indicates that Singapore and its elite are embracing the world of digital assets. It sets the stage for what could be a promising future in the world of blockchain and crypto.
© Todayq News

Singapore High Court grants unique order to freeze NFTs and Crypto

Todayq News

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