A Singapore court has granted an injunction to ban NFTs attached to wallets

Singapore's High Court has allowed financial investigation firm Intelligent Sanctuary (iSanctuary) to hold legal tender tokens (NFTs) on cold wallets linked to hacking, according to UK-based iSanctuary and local press accounts.

A court-issued global freeze order marked the NFTs as life-bearing and attached them to the wallet in question. NFTs do not protect transactions with wallets, but serve as a warning to counterparties and exchanges that the wallets have been hacked. In addition, iSanctuary says it has found a way to track the withdrawals from wallets thanks to NFTs. NFTs are permanently attached to wallets.

iSanctuary claims on its website that it was hired by a businessman who lost $3 million in crypto assets and was able to trace the stolen funds. in addition –

The evidence against Chains and Chains was presented to the High Court of Singapore by iSanctuary's senior investigator and the international injunction was granted in that court for the first time. iSanctuary financial and crypto investigators have identified a series of cold wallets containing the proceeds of crime and their service strategy via NFT has been approved in court.

No further details were given. iSanctuary is a developer of NFTs named Mintology created by Singaporean NFT studio Mintble. That was indirectly confirmed by Mintz founder Zach Burks in a post on X (formerly Twitter).

Thanks @straits_times for the great article.

I'm excited to clean up the crypto space and move the NFT ecosystem into the utility realm and away from Japig speculation!

The future of NFTs is coming! Shows how. https://t.co/S8Jf2seNhy

— Zach Burks (@ZachSpaded) October 18, 2023

The Straits Times reported on October 17 that the case was related to a stolen private key and that Singapore-based crypto exchanges had “originated from Singapore” by embezzling funds from fraudsters. The case “covers countries from Singapore to Spain, Ireland, Britain and other European countries,” he added.

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The newspaper quoted Jonathan Benton, founder of iSanctuary, as saying, “This is a game changer; If necessary, it can happen in hours. We can start serving with wallets and policing the blockchain, identify holders of illegal assets, serve civil or criminal orders and red flags.

NFTs have been used to serve subpoenas in Italy and the United States.

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