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The Singapore High Court has come up with a brand new way of holding criminals accountable – by allowing the financial investigation firm Intelligent Sanctuary (iSanctuary) to attach non-fungible tokens (NFTs) containing a legal document to cold wallets connected with a hack, according to reports featured on the UK-based iSanctuary and in other regional media.
A court-imposed order, essentially meaning a worldwide freeze, was authoritatively assured by iSanctuary by using ‘soulbound’ NFTs, describing warning messages to any inappropriate party or exchange that could potentially use the wallets. Here, it’s important to note that here, it won’t be stopping transactions from taking place, it be urging or forcing people to stay away from getting into illegitimate exchanges.
Thanks to this new measures long with sophisticated NFTss, iSanctuary claims to also monitor and identify funds leaving the wallets. Upon visit to the iSanctuary website, it was apparently intimated that it was put on the job when an individual reported having lost a large sum of about $3 million in crypto assets, and had to follow up under investigations, right up until the Singapore High Court decided to rule in its behalf.
In further confirmations to bringing in the concerned authorities (some off-chain corroborations, and additionally including the team from iSanctuary). It also briefly resorted to Mintology, developed by Singapore-based NFT producing application – Mintable, adopted by Mintable’s – Zach Burks in a report listed under X (ex Twitter).
