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$1 Million BTC Theft Case Resolved By Coinbase

 
$1 Million BTC Theft Case Resolved By Coinbase
Exchanges / Breaking News

The UK setup of the crypto platform, Coinbase has just made a deal with a popular digital asset fund manager whose stolen bitcoin is worth more than a $1m which was in fact, transferred to the exchange.

Coinbase UK inked a deal with Liam Robertson, the CEO of Alphabit in order to discontinue the legal debate that ad been gaining traction over the past two or so months.

As a bit of a catch up for those that don’t know, the legal dispute kicked off after Robertson lost Bitcoin worth a million dollars in a phishing email attack. Just prior to this, Robertson had agreed to invest more than a hundred bitcoins in an algorithmic trading fund. But hackers seemed to pick up on the plan before he could invest and instead fooled him into sending the bitcoin straight into their wallets.

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As reported by CCN:

“A blockchain investigation after the theft was discovered found that 80 of the bitcoin had been routed to Coinbase. Another 15 were sent to peer-to-peer exchange LocalBitcoins while 5 were sent to an offline wallet. At the time, bitcoin was trading at over $11,000 meaning the total value of the stolen coins was over $1.1 million.”

Following this, Robertson sought an asset preservation order which he was granted last month. The order forbade Coinbase from transferring stolen bitcoin. On top of this, Robertson obtained a Bankers Trust Order which allowed the crypto platform to disclose who was in control of the wallet containing 80 bitcoins without flouting its client in confidentiality agreements.

Rulings made in the case are likely to assist in setting legal precedents on the matter concerning digital currencies in the UK

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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