On-chain tool to seize crypto is a purist’s nightmare, but a must, says CEO
On Aug. 8, a U.S. District Court utilized Jurats on-chain enforcement tool to lock several sanctioned individuals out of their crypto accounts. These individuals were sanctioned for money laundering and using ransomware to obtain cryptocurrency payments to benefit North Koreas weapons program.A court just got in final judgment in a federal claim and the court used @JuratNetwork to impose its order on-chain!
Speaking with Cointelegraph, Mike Kanovitz, the founder and CEO of Jurat, said the judicial order was the first of its kind.The Jurat blockchain was launched in late 2022, formed through a fork of the Bitcoin blockchain. The innovation connects blockchain nodes with court dockets to impose court orders.Kanovitz admits that such innovation will likely garner criticism from die-hard supporters of decentralization.” Some individuals are going to claim to be philosophical perfectionists and dislike on it. I get that.” However, the Illinois-based lawyer stated such innovation could bring the essential due process securities for digital assets, which will be crucial to traditional adoption.” Some of individuals who currently think that there should not be reliable police on-chain would feel differently if they got hacked, defrauded, or lost their personal keys. Then they would be eased that they can recover their property,” he describe the very first half of 2023, $656 million in cryptocurrencies were lost to frauds, hacks and rug pulls, according to a June 30 report by blockchain security company Beosin.H1 2023 Web3 Security Statistics Total losses from hacks, phishing scams, and carpet draws in Web3 reached $655.61 million in the first half of 2023 Amongst them,108 attacks -> > $471.43 MPhishing frauds -> > $108M110 carpet pulls -> > $75.87 M pic.twitter.com/8Q9kmDETfQ— Beosin Alert (@BeosinAlert) June 30, 2023.
These people were sanctioned for money laundering and utilizing ransomware to extort cryptocurrency payments to benefit North Koreas weapons program.A court simply went into final judgment in a federal suit and the court used @JuratNetwork to implement its order on-chain! Throughout a suit, each celebration supplies the court with a completing hash for what that side wants the court to do. When a ruling is made, the court just pastes the hash of the winning side, and the software application nodes will execute the order autonomously once it accesses the online court docket.The court attached the Jurat IDs, which JCTs blockchain nodes then read to block the private keys of the defendants on the JCT Blockchain.
“It will not just tame the lawlessness that frightens away would be adopters and draws the ire of government authorities, it can open unbelievable utility for commerce,” he added.Related: MetaCourts IDO launch: A paradigm shift in Web3 legal servicesUntil now, courts have had limited methods to effectively freeze and seize crypto funds. Throughout a lawsuit, each party provides the court with a contending hash for what that side wants the court to do. When a ruling is made, the court just pastes the hash of the winning side, and the software nodes will perform the order autonomously when it accesses the online court docket.The court connected the Jurat IDs, which JCTs blockchain nodes then check out to obstruct the private secrets of the offenders on the JCT Blockchain.