The Singapore High Court’s decision to allow this i Shrine to link NFTs cold wallets being involved in a financial hack marks a major legal milestone. These NFTs, known as SoulBound tokens, are non-transferable and will be permanently linked to the respective wallets. This groundbreaking ruling opens the door for broader application of blockchain technology in legal and financial investigations.
The SoulBound NFTs will act as a red flag to counterparties and exchanges, indicating that the wallets have been compromised. Despite this alert mechanism, transactions can still be made using these wallets. iSanctuary has developed a proprietary method to track the flow of assets from these wallets in real time, a technique revealed in the company’s blog post.
iSanctuary was initially hired by a businessman who had lost $3 million in crypto assets. Using its proprietary REKTify process, the company was able to locate 95% of stolen assets in just six hours. The case has international implications, involving multiple jurisdictions such as Singapore, Spain, Ireland, Great Britain and other European countries. The investigation is ongoing.
Mintable, a leading NFT company based in Singapore, was recognized by iSanctuary as the creator of the SoulBound tokens. Zach Burks, the founder of Mintable, confirmed this partnership in a social media post. Jonathan Benton, the founder of iSanctuary, stated in a recent interview that this technological advancement is a “game changer” that can be implemented within hours if necessary.
The use of NFTs for legal processes is not limited to Singapore. Similar technologies have been successfully deployed in Italy and the United States to serve court subpoenas. This suggests a broader, global application of NFTs in legal environments, which could revolutionize the way financial investigations and legal processes are conducted worldwide.
iSanctuary’s proprietary REKTify process plays a crucial role in the rapid identification and tracking of stolen crypto assets. The process includes both on-chain and off-chain investigations, using open source intelligence (OSINT) to identify potential suspects and their locations. This comprehensive approach ensures that customers are continuously advised on where to concentrate efforts for the most likely success in recovering their stolen assets.
Image source: Shutterstock