Singapore-based NFT marketplace Mintable has introduced a groundbreaking NFT that aids investigators in identifying stolen cryptocurrencies. The NFT was developed in collaboration with Intelligent Sanctuary (iSanctuary), a financial investigation firm based in London, which has successfully located stolen cryptocurrency assets in a major fraud case. This NFT holds a Worldwide Freezing Order (WFO) granted by the Singapore High Court, marking a significant milestone in the legal framework of the city-state.
The NFT was commissioned as part of an ongoing international investigation into financial crimes by iSanctuary, in partnership with Mintable’s B2B service brand, Mintology.app. The investigation revolves around the theft of a cryptocurrency password or private key, leading to the fraudulent transfer of millions of cryptocurrency coins into private wallets.
Representatives from the Intelligent Sanctuary Advisory Board highlighted the importance of innovation in forensic investigations. They emphasized that this collaboration showcases the power of innovation in addressing complex crimes and underscores the need for law enforcement and organizations to stay ahead of evolving criminal methods.
The NFT created by Mintable serves as a digital asset to publicly identify any attempts to spend, transfer, or exchange the stolen cryptocurrencies. It was designed using Soulbound token technology, which ensures that the NFT carrying the WFO is non-transferable and unalterable once received. The NFT contains all the court documents prepared by iSanctuary and provides a mechanism for effective implementation of the Singapore Court’s orders by iSanctuary investigators.
Mintable officials highlighted the potential of NFT technology in combating crypto fraud and its applicability across various industries. They believe that as societies increasingly adopt open-source and decentralized digital environments, NFTs will play a vital role in securing universal products and services.
In addition, Mintology.app is the first-known NFT company to utilize Soulbound token technology in this manner. While there has been a previous case of a UK court allowing NFT technology for serving a WFO, Mintable’s use of NFTs in this case represents a novel application within Singapore.
The introduction of this NFT by Mintable and iSanctuary not only demonstrates the power of innovative technology in fighting financial crimes but also underscores the importance of collaboration between technology companies and investigative firms. As the world continues to grapple with increasing instances of crypto theft and fraud, solutions like these provide hope and a way forward in recovering stolen assets.