Making the case for ‘class action’ crypto fraud recovery: Sally Danisz v Matic Markets and Huobi Global Ltd

Pursuing legal remedies to recover stolen cryptoassets is generally complex, time-consuming - and therefore, costly. For these reasons it’s common for individual litigants to only pursue cases in relation to the loss of large sums. However, many cases of crypto fraud involve the misappropriation of relatively smaller amounts from a larger number of individuals. In such cases, an opportunity presents for groups of claimants to share both legal costs and case specific ‘intel’, thereby increasing the prospects of recovery....

May 8, 2022 · 4 min

English court confirms legal remedies available in NFT crypto fraud cases

In a crypto-fraud case brought in March 2022, the High Court has made rulings which confirm that non-fungible tokens (‘NFTs’) are to be treated as legal property under the law of England and Wales. Lavinia Deborah Osbourne v. (1) Persons Unknown and (2) Ozone Networks, Inc. provides welcome confirmation that evolving legal remedies are available to NFT fraud victims who can satisfy the jurisdictional requirements to gain access to the English courts....

May 3, 2022 · 3 min

A timeline of key UK regulatory developments relating to cryptoassets

This article summarises key developments since 2017 in the approach to cryptoassets of the Financial Conduct Authority (‘FCA’) and other UK regulatory stakeholders. 2017 April 2017: FCA Discussion Paper on distributed ledger technology (‘DP17/3’) The FCA publishes a discussion paper with the aim of starting a dialogue on the potential for the future development of the distributed ledger technology (‘DLT’) markets it regulates, and to explore where the balance of risks and opportunities lie in relation to DLT....

July 29, 2021 · 12 min

Identifying perpetrators of cryptoassets fraud using a Norwich Pharmacal order of the English court

In an information age, digital footprints are continually being created without regard to the desire of actors to maintain anonymity or pseudonymity in their online activities. Victims of cyber fraud can leverage this data by deploying a versatile suite of tools under English law. This may lead to discovery of the facts necessary to trace the identity of the perpetrators of fraud; and in turn, the location of misappropriated assets....

July 7, 2021 · 8 min

Injunctive relief granted by the English courts in a cryptocurrency fraud case involving the use of clipboard hijacker malware

In (1) Lubin Betancourt Reyes (2) Custodial Management Solutions Limited v (1) Persons Unknown x 3 (2) Tether Holdings Limited (3) Binance Holdings Ltd - June 2021, the English courts granted injunctive relief as an initial step to the recovery of stolen digital assets. In this case, the applicants' legal team sought injunctive relief of the courts in London, including orders for disclosure against cryptocurrency exchange Binance, in similar circumstances to the prior case of Ion Science v Persons Unknown (21 December 2020)....

July 4, 2021 · 4 min