A man from a small Saskatchewan hamlet who started trading cryptocurrencies on the HoneyBadger exchange lost a significant amount of money when the site was hacked.
Saskatchewan court denies crypto hack victim access to recovered funds Having a substantial sum of money stolen from you by hackers is a terrible experience in and of itself. Just think about what would happen if a judge granted an exchange’s plea for a refusal to repay stolen assets.
Such a scenario played out when an elderly man in Saskatchewan fell prey to a crypto scam and had his personal bank account hacked.
Cabri, Saskatchewan is home to the scam’s anonymous victim, according to CBC News. He registered an account with online crypto exchange HoneyBadger Enterprises. By doing so, he authorized the exchange to debit his account in order to buy cryptocurrency.
The email account of the victim was compromised. This bad actor then proceeded to use HoneyBadger to purchase further cryptocurrency. Then, after making the purchase, the evil guy disappeared with the cryptocurrency.
According to the report, the victim immediately contacted his bank upon discovering the fraudulent behavior. Fortunately for Innovation Federal Credit Union, HoneyBadger paid back $240,000.
HoneyBadger thinks the stock market shouldn’t lose money due to all the trading that goes on. Regardless of whether it originated from authorized conduct or not. The victim just asks for the stolen funds to be returned.
Also Read: FTX Hackers Raise Sell-Off Issues with $99 Million Ethereum Transaction
