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REKTify: Identifying millions in stolen cryptocurrency.

  • iSanctuary wins permission to serve a Worldwide Freezing Order by NFT from a Singapore court in a legal-first for the country.
     
  • iSanctuary partners with Mintable to create the unique NFTs.
     
  • iSanctuary introduce IP (pending) processes to ensure legal service is satisfied.
     
    Late on a Sunday evening iSanctuary investigators and analysts were contacted by a businessperson who had been defrauded of in excess of $3m in crypto assets following an investment meeting.
     
    Recognising time is critical as crypto assets are moved in seconds – an hour in the crypto world can be a month in conventional financial transactions. iSanctuary crypto investigator started the onchain investigation, within 6hrs 95% of the stolen assets were located. The funds had been dissipated across several private wallets along with wallets held on Centralised Crypto Exchanges across the globe. iSanctuary investigators immediately placed in writing the Centralised Exchanges on notice of the crime. Lawyers were instructed.
     
    Over the days that followed an expert report, part of the iSanctuary proprietary REKTify process was prepared detailing the current location of the funds, ensuring the client was continuously advised on where efforts should be concentrated for the most likely success in returning their stolen crypto. In parallel iSanctuary Open- Source Intelligence (OSINT) experts were conducting offchain investigations, identifying potential suspects and their locations. iSanctuary management liaised with the police to ensure the civil and criminal action to track, freeze and ultimately return the stolen funds and hold the culprits accountable was complementary. The on chain and off chain evidence was presented by an iSanctuary senior investigator to the Singapore High Court and the worldwide injunction, a first issued by that court, was granted.
     
    iSanctuary financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime and their method of service via NFT was accepted by the court. iSanctuary partnered with Mintology, a world leading NFT provider, and having set out the specific legal requirements for the NFT, SoulBound tokens were minted meaning they could not be transferred or moved and later utilising iSanctuary proprietary methodology for service. The use of SoulBound tokens, understood to be a first, meant the NFT was non-transferrable and permanently attached to the cold wallets. iSanctuary crypto investigators then designed a process to ensure transactions out of the cold wallets were tracked and once the funds appeared on a centralised exchange the exchange was placed on notice; this process is critical to prevent dissipation.
     
    The case continues.  
    For more info on REKTify please get in touch.