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British Court Freezes Over $800K in Bitcoin

British Court Freezes Over $800K in Bitcoin

British Court Freezes Over $800K in Bitcoin Linked to Ransomware Payout-techcryption

A high court in the United Kingdom has ordered Bitfinex to freeze Bitcoin (BTC) worth $860,000 after the crypto exchange and blockchain firm Chainalysis traced the funds to a ransomware payment.

Some of the BTC have already been converted to fiat currency, while some have been knowingly transferred to an account on Bitfinex platform, leading the British authority to freeze the address and share its know-your-customer (KYC) information.

Notably, the victim of the ransomware had paid $950,000 in Bitcoin to the perpetrator through an insurance company after the firm’s computers have been hijacked. A total of 109.25 BTC were paid in total, with 96 BTC traced in the Bitfinex account.

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Bitfinex’s spokespersons declined to confirm whether the firm had provided the KYC information for the account associated with the address. However, the court ruling stated Bitfinex would provide the information as long as it had a court order to comply with.

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