Mintable launches innovative new NFT for the identification of stolen cryptocurrencies
The development of an innovative NFT by Mintable for the identification of stolen cryptocurrencies is a significant step in the realm of digital asset recovery and legal applications of blockchain technology. Here are some key points regarding this development:
Mintable's NFT Technology: Mintable, a company specializing in NFTs, has created a unique NFT designed to assist in the recovery of stolen cryptocurrencies. This NFT contains a worldwide freezing order (WFO) granted by the Singapore High Court.
Intelligent Sanctuary's Role: Intelligent Sanctuary (iSanctuary), a London-based financial investigative agency, identified and tracked millions of stolen cryptocurrencies following a major financial fraud. The agency has been granted permission by a Singapore court to issue a global freezing order using NFTs as part of a lawsuit.
Collaboration with Mintology: iSanctuary is collaborating with Mintable's B2B services brand, Mintology.app, for ongoing investigations related to international financial crime. Mintology.app used Soulbound token technology to mint the NFT carrying the WFO and permanently attached it to target wallets. This technology is innovative as it ensures the immutability of the NFT.
Unique NFT for Legal Purposes: Zach Burks, the founder of Mintable and Mintology, created a unique NFT containing all the legal documents prepared by iSanctuary. This NFT allows iSanctuary's investigators to notify the Singapore court of the freezing order.
Recognition of Cryptocurrencies as Property: This development is significant in Singapore, where the High Court has recognized cryptocurrencies as a form of property. It represents a novel approach to using NFTs in legal cases to identify and potentially recover stolen digital assets.
Leadership and Expertise: The involvement of former Met Chief Lord Hogan-Howe and Jonathan Benton, a former Head of the UK's International Anti-Corruption and Criminal Finance Unit at the Metropolitan Police Service, highlights the expertise and leadership behind this effort.
In summary, the use of NFT technology to identify and trace stolen cryptocurrencies represents an innovative approach to digital asset recovery. This development could have implications for future cases involving stolen cryptocurrencies and their legal treatment.
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