An investigative organization in Britain called iSanctuary has taken action against money that has been syphoned off and named the wallets in question. The agency requested permission to locate the wallets in an appeal to the Singapore High Court, and it was granted. The agency will attempt to control the situation and stop any further wrongdoing with reference to the compromised wallets by tokenizing legal papers in the form of NFTs.
The Singapore High Court has authorized iSanctuary to link NFTs with legal documents to the relevant wallets. Due to their integration with the wallets, these NFTs serve as an international freeze order notification for potential affiliates and exchanges considering conducting transactions with such wallets. Although the NFTs are able to identify the corrupt wallets, they do not really stop transactions.
The NFTs will be important for tracking money withdrawn from these wallets, according to iSanctuary. iSanctuary will be able to closely monitor the disposal and redemption of the compromised cash thanks to this. The agency is confident that this will salvage the company, which suffered a $3 million cryptocurrency loss, and serve as a precedent for such situations in the future.
The senior investigator for iSanctuary was successful in persuading the court of the reliability of the evidence presented, both on-chain and off-chain. In response, the High Court of Singapore issued the first-ever worldwide injunction against the theft of cryptocurrencies. Additionally, permission was allowed to use NFTs to deliver legal documents. The Mintable NFT studio in Singapore played a significant part in the development of the NFTs. The tokenized legal documents were created using Mintology, an application created by Mintable. Zach Burks, the company’s founder, revealed on social media that Mintable had contributed to all of this.
Jonathan Benton, the creator of iSanctuary, explained the significance of this approach to controlling the blockchain. The use of NFTs by iSanctuary allows companies to serve civil and criminal notices with rapid impact after the discovery of wallets containing unlawful assets. This aids in recovering funds that have been stolen and serves as a lesson for the future.
In the fight against cryptocurrency-related unlawful acts, this method of using NFTs as legal documents and monitoring siphoned-off cash, together with the international freeze order, is unquestionably a turning point. It also says a lot about how well-suited to technology the court is.