Bankers Trust orders: an important tool in cases involving cryptocurrency fraud

A Bankers Trust order is a type of injunctive remedy of the court which requires a financial institution to provide information and documents in respect of a customer who has perpetrated a fraud. Unfortunately, the prevalence of financial crime is increasing at an exponential rate both in the UK and internationally. Bankers Trust orders provide a potentially effective means to ascertain the identity of perpetrators of fraud in cases involving the misappropriation of cryptocurrency through cryptocurrency exchanges....

May 5, 2021 · 8 min

The publication of the Digital Dispute Resolution Rules in April 2021

In April 2021, a taskforce established by UK government and formed of legal and industry experts, published a set of digital dispute resolution rules, which are intended to provide a mechanism for the rapid and cost effective resolution of disputes arising from novel digital technologies such as cryptoassets. The UK Jurisdiction Taskforce The UK Jurisdiction Taskforce (‘UKJT’) is a taskforce of the LawTech Delivery Panel, and is a team of technology and legal industry experts and leading figures from UK government and the judiciary....

May 4, 2021 · 5 min

Ion Science Ltd and Duncan Johns v Persons Unknown, Binance Holdings Limited and Payward Limited – unreported, 21 December 2020

In Ion Science Ltd and Duncan Johns, the applicants sought interim remedies in respect to the misappropriation by ‘persons unknown’ of 64.35 Bitcoin (converted from approximately 577,002 GBP). The director of Ion Science Ltd, Mr Duncan Johns, claimed that a fictitious Swiss company known as Neo Capital induced him to transfer the misappropriated Bitcoin on the basis he would receive profits of at least 15 million GBP, through the purchase of initial coin offerings (ICOs) of cryptocurrencies known as Uvexo and Oileum....

April 29, 2021 · 4 min

Enforcement of money orders in relation to cryptoassets

The methods of enforcing a money judgment of the court include taking control of goods (bailiffs), a charging order, a third party debt order, and an attachment of earnings order. In relation to cryptoassets of a judgment debtor, these methods are not available. Equitable execution A lesser-known method of enforcing money judgments is by equitable execution. In this type of application, the court has the power to make broad, wide-ranging orders....

April 25, 2021 · 3 min