Shiba Inu: Brazilian Crypto Trader Wants Binance to Fix His 6.7 Billion $SHIB Mistake

Na investor in the meme-inspired cryptocurrency Shiba Inu ($SHIB) has filed a lawsuit against leading cryptocurrency exchange Binance in a bid to get it to return him 6.7 billion SHIB he lost after being hacked,

According to local cryptocurrency news outlet Livecoins, the Brazilian cryptocurrency trader was hacked back in December 2021, At the time, he has 22.7 billion SHIB, which would now be worth over $271,000, custodied on MetaMask, The trader was hacked but did not reveal how the incident occurred.

Using analysis of the Ethereum blockchain, the trader found that 6.7 billion of his SHIB were moved to leading cryptocurrency exchange Binance. The trader quickly contacted the platform’s support team in a bid to get it to lock up the funds so they could be returned.

Binance’s support team seemingly agreed to lock the account, but no funds have been returned, prompting the trader to sue Binance so they could recover the 6.7 billion SHIB. In a court filing, the investor claims the funds are part of their family’s sustenance and all of their assets.

Judge Ricardo Hoffman has ordered Binance to block its “Binance 14” address, Livecoins reports, which received the hackers’ funds in January 2022. A court order reads (roughly translated):

Thus, I grant the request for injunction in order to determine that the defendant performs the blocking of the full amount of the Binance 14 wallet, and presents the application access logs (date, time, IP, time zone), related to said wallet , within 48 hours, all under penalty of disobedience, without prejudice to the timely establishment of a daily fine, if necessary.

Binance appealed the case in a bid to halt the court from blocking one of its wallets, arguing that it has no relationship with MetaMask and that the investor’s failure came after being hacked while holding funds in a MetaMask wallet.

The case is set to be reevaluated by the judge, who is set to decide on its course in the near future. Analysts who have looked at the case noted it’s a “nebulous situation susceptible to indignation.”

To make sure you receive a FREE weekly newsletter that features highlights from our most popular stories, click here.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay