An investor sues Binance for the 6.7 billion $SHIB he lost

A Shiba Inu ($SHIB) investor has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, seeking the recovery of 6.7 billion SHIB he lost after his account was hacked.


Binance
Binance | Image: Optimisus

The Brazilian cryptocurrency trader was hacked in December 2021, according to local cryptocurrency news outlet Livecoins.


He had 22.7 billion SHIB on MetaMask at the time, which was worth about $271,000 at the time. The trader was hacked, but he did not say how it happened.


Furthermore, the trader used Ethereum blockchain for his research and discovered that 6.7 billion SHIB were transferred to Binance. The trader instantly called the platform's support service, requesting that the cash be locked up and refunded.


The support personnel at Binance appeared to agree to lock the account, but no funds were returned, causing the trader to file a lawsuit against the crypto exchange in order to reclaim the 6.7 billion SHIB.


The investor claims the monies are part of their family's sustenance and all of their assets in a court filing.


According to Livecoins, Judge Ricardo Hoffman has ordered Binance to block its "Binance 14" address, which received the payments from the hackers in January 2022. The following is an excerpt from a court order,


"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 filed an appeal in order to prevent the court from closing one of its wallets, claiming that it has no affiliation with MetaMask and that the investor's failure occurred as a result of assets being stolen from a MetaMask wallet.


The judge will assess the case and make a decision on its course in the near future. Analysts who have looked at the case say it's a "hazy situation ripe for outrage."