Mintable has recently developed an innovative product NFT which has been used by researchers to track millions of stolen cryptocurrencies.
Intelligent shrinean investigative firm advised by former Met Chief Lord Hogan-Howe, has been granted permission by a Singapore court to issue a global freezing order over the use of NFTs in a lawsuit.
See below for full details.
Mintable revolutionizes tracking millions of stolen cryptocurrencies
As expected, Coinablea company focused on innovation and expansion in the non-fungible token (NFT) space has developed a unique NFT designed to facilitate the recovery of millions of dollars in stolen crypto.
This new NFT was created on behalf of Intelligent Sanctuary (iSanctuary), a London-based financial investigation firm that identified, tracked and located millions of stolen cryptocurrencies following a major financial fraud.
The NFT includes a global freezing order (WFO) issued by Singapore’s High Court, setting a precedent in the Southeast Asian city-state’s legal system.
iSanctuary, which counts former Metropolitan Police Commissioner Lord Hogan-Howe as chair of its advisory board, has partnered with Mintable’s B2B services brand, Mintology.appas part of an ongoing investigation into international financial crimes involving the theft of a cryptocurrency key known as a “private password” and the subsequent fraudulent transfer of millions of cryptocurrency coins to private wallets.
Lord Hogan Howeformer Commissioner of the Metropolitan Police and Chairman of the Smart Sanctuary Advisory Board, said:
“Innovation and ingenuity have long been reliable allies in forensics and recovery, and this is an excellent and exciting example of that. As technology evolves, so do criminal methods, and the pace of technological change is faster than ever.
It is therefore crucial that we have people and organizations willing to work together to stay one step ahead and ensure that misconduct never pays. Criminals must get the message across loud and clear: no matter how sophisticated the crime, we have the resources and determination to track you down.”
Mintable Launches Innovative NFTs to Recover Stolen Crypto Assets
The inherently digital nature of stolen assets has prompted an application to the Singapore court for permission to issue a WFO (Worldwide Freezing Order) in the form of an NFT (non-fungible token) that can publicly identify cryptocurrencies when attempts are made to transfer it. Exchange or spend stolen cryptocurrencies.
Mintology used Soulbound token technology to mint the NFT with the WFO and permanently link it to the target wallets. Soulbound tokens are immutable and cannot be transferred once received.
Zach Burksfounder of Mintable and Mintology, created a unique NFT containing all legal documents prepared by iSanctuary, along with a mechanism for iSanctuary researchers to notify the Singapore court of the freezing order.
Zach Burks, Founder and CEO of Mintable, said:
“Helping against crypto fraud is just one powerful example of the groundbreaking new applications for NFT technology being developed at Mintology. Our NFTs can provide an edge to companies and organizations across a wide range of applications, industries and sectors, from education to gaming, and from hospitality to legal services.
As societies increasingly embrace the possibilities offered by an open-source, decentralized digital environment, NFTs will become a mainstay of functional, secure and universal products and services. Mintology and Mintable are at the forefront of this evolution.”
Mintology revolutionizes stolen cryptocurrency recovery with NFT Soulbound
Mintology.app, based on technology developed by Zach Burks and the Mintable team, is the first known NFT company to leverage Soul-bound token technology in a legal context.
This solution represents a new approach to the use of NFT in legal cases in Singapore, where the Supreme Court has recognized cryptocurrencies as a form of property.
Furthermore, this innovation has been implemented in collaboration with Intelligent Sanctuary, a research firm led by Jonathan Bentonformer head of the UK International Anti-Corruption and Criminal Finance Unit at the Metropolitan Police Service.
Jonathan Benton commented:
“To meet the challenging needs of this complex digital fraud, we exclusively approached Mintology to source their specialist Web3 expertise and history of NFT innovation. We understood that a crime involving digital assets on a blockchain requires a digital-first solution and that we need to be one step ahead of the criminals. With the approval and guidance of the Singapore courts, iSanctuary and Mintable have together demonstrated an innovative approach to tackling illegal activities.”