Blockchain used in court to fight Russian and North Korean hackers.
Chicago, Illinois, August 8th, 2023, Chainwire
Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have been widely used by cybercriminals for years. These digital currencies have been the preferred method of payment for ransomware crime rings to extort large sums of money from major institutions, including hospitals and critical infrastructure providers. However, a recent federal court case in Chicago has made a significant breakthrough in the fight against cybercrime. The case involved Russian and North Korean hackers who are under sanctions by the United States Treasury Department, and the court used innovative technology to digitally lock the criminals out of their blockchain accounts. Blockchain used in court to fight Russian and North Korean hackers.
Mike Kanovitz, CEO of Jurat Blockchains, the firm behind the technology deployed in the case, remarked, “It is encouraging to witness this invention in action, fighting criminals who misuse blockchains and give cryptocurrency a bad name.” Kanovitz explained that “Jurat technology provides the base layer for legal enforcement on blockchains by working in conjunction with official courts. It can help government officials prevent crime and lets cryptocurrency users access courts if they have had their cryptocurrency stolen, been defrauded, or lost their private keys.”
A federal court has issued an order that applies to 16 individuals and international criminal organizations, who were sanctioned under Executive Orders of the President of the United States. The order has locked all accounts belonging to these criminals that contain the cryptocurrency $JTC, using a first-of-its-kind judicial injunction. The coin emerged following an update to Bitcoin’s software, resulting in a “fork” that left two blockchains, BTC and JTC, hosting the same accounts. Among those targeted were Hydra Market and the Lazarus Group, who committed the largest virtual currency heist to date. Victims who previously lost $BTC can claim their $JTC using the Jurat Wallet app or by filing an action to enforce their legal rights in court. The case was handled by Jon Loevy, of Loevy & Loevy Attorneys at Law in Chicago. Cryptocurrency crimes are estimated to range above $20 billion annually in the industry.
About Jurat Blockchains
Jurat Blockchains provides Web3 legal tech and reg tech for blockchains, smart contracts, and DAOs. It launched its first public blockchain, JTC, in 2022 and has additional layer 1 projects and dispute resolution system dApps in the pipeline.
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