The Singapore High Court has authorized financial investigation firm iSanctuary to attach non-fungible tokens (NFTs) representing a legal freeze order to cryptocurrency wallets associated with a hack.
The NFTs contain the court’s worldwide freeze order and will permanenty mark the hacked wallets, serving as a warning to counterparties. iSanctuary claims the NFTs also enable tracking funds leaving the wallets.
iSanctuary was hired to track down $3 million in stolen crypto assets, which it successfully identified. The firm convinced the court to pioneer the freeze order NFTs on the hacker’s wallets.
While not preventing transactions, the soulbound NFTs flag the wallets as tied to potential money laundering. Singapore-based Mintology produced the NFTs.
Using NFTs to deliver legal notices on-chain is an emerging technique being explored globally. iSanctuary’s case illustrates Singapore courts’ willingness to employ crypto-native options for asset recovery and enforcement.
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