Singapore-based NFT marketplace, Mintable, has introduced a groundbreaking non-fungible token (NFT) with the potential to assist investigators in identifying and recovering stolen cryptocurrencies.
Mintable, known for its dedication to exploring and promoting NFTs, has developed a unique NFT, commissioned by Intelligent Sanctuary (iSanctuary), a financial investigation firm based in London. iSanctuary successfully tracked and located stolen cryptocurrency assets in the wake of a major fraud case. This NFT carries a Worldwide Freezing Order (WFO) granted by the Singapore High Court, marking a significant milestone in the legal framework of the Southeast Asian city-state.
Collaborating with Mintable’s B2B service brand, Mintology.app, iSanctuary is involved in an ongoing international investigation into financial crimes. This investigation centers on the theft of a cryptocurrency password, commonly referred to as a private key, and the subsequent fraudulent transfer of millions of cryptocurrency coins into private wallets.
Representatives from the Intelligent Sanctuary Advisory Board underscored the importance of innovation in forensic investigation. They emphasized that this collaboration demonstrates the power of innovation in combating complex crimes and highlights the necessity for law enforcement and organizations to stay ahead of evolving criminal methods.
Due to the inherently digital nature of the stolen assets, a petition was submitted to the Singapore court to issue a WFO in the form of an NFT. This NFT is designed to publicly identify any attempts to spend, transfer, or exchange the stolen cryptocurrencies. Mintology harnessed Soulbound token technology to create the NFT carrying the WFO and permanently link it to the target wallets. Soulbound tokens, once received, are non-transferable, rendering them unalterable. The NFT also includes all court documents prepared by iSanctuary and a mechanism for iSanctuary investigators to effectively serve the Singapore Court’s orders.
Officials from Mintable highlighted the potential of NFT technology in combating crypto fraud and its adaptability across various industries. They believe that as societies increasingly embrace open-source and decentralized digital environments, NFTs will become essential for securing universal products and services.
The official press release further notes that Mintology.app is the first known NFT company to employ Soulbound token technology in this manner. While a prior case in the UK involved the use of NFT technology for serving a WFO, this represents a pioneering application of NFTs within Singapore.
