UK court orders Bitfinex to freeze $860,000 worth of BTC tied to ransom crime payment

posted 29 days ago
A UK court ordered Bitfinex to freeze Bitcoin worth $860,000 after the crypto exchange and blockchain sleuthing firm Chainalysis traced the funds to a ransomware payment. The court ordered Bitfinex to freeze the address and share its know-your-customer (KYC) information about the account's owner.

The victim, an unnamed firm, had been told to pay $1.2 million in bitcoin after its computers were hijacked by ransomware. The company's insurer, which filed the court claim, ultimately paid $950,000 in the form of 109.25 BTC, according to the filing. While some of these funds were converted into fiat and are not traceable, 96 BTC (worth $861,200 at press time) were sent to an address owned by Bitfinex.
Tags: bitcoin, blockchain, news