Blockchain Events
NFT Submits a UK Lawsuit Following a High Court Decision
A judge recently ruled that the plaintiff was allowed to serve the defendant by airdropping the notice as an NFT into the plaintiff’s stolen digital wallet in a case that was brought before the High Court of the UK in London, England. In England’s capital city of London, the High Court heard the case. The judgement establishes a new legal standard that permits the use of a digital strategy to address the issue of serving legal documents.
On behalf of their client, Fabrizio D’Aloia, Giambrone & Partners, a law firm based in the UK, filed the complaint against the cryptocurrency trading platforms Binance Holdings, Poloniex, OKX, Gate.io, and Bitkub.
The key allegations in this lawsuit contend that unidentified people created phony clone online brokerage websites. These websites allegedly led to the theft of Mr. D’Aloia’s two digital wallets.
A UK court just established a new rule of law.
With the High Court’s ruling, a judge has for the first time in England and Wales approved the use of blockchain technology to send an NFT containing court papers to alert a receiver of a legal issue. The ruling of the High Court will undoubtedly result in the continuation of this trend.
The ruling will lead to changes in the rules that have been set for civil procedure in the UK. In the past, lawsuits had to be delivered in person or sent to a physical address in order to be served.
There is also the option of using electronic communication, however this is normally done with both parties’ prior approval. In the past, lawsuits have been served using fax machines, Facebook, Instagram, and contact forms on websites, among other means of communication.
Following the High Court’s decision, blockchain is now among the electronic channels that can be used to deliver legal documents pertaining to cryptocurrencies and NFTs.
The UK court ruling also mentioned that bitcoin exchanges are serving as Trustees for the cryptocurrency assets of their clients. They must therefore protect your cryptocurrency as a result.
This judgment is in line with the Supreme Court of New York’s decision to allow notice of proceedings via NFT. An NFT was utilized in the New York case to deliver a restraining order to an unidentified hacker. A New York court heard the matter.
the increase of NFTs and crypto asset-related fraud
Recent legal rulings may be helpful in the struggle against the steadily rising rate of cryptocurrency and non-fungible token fraud. Anything that puts a halt to or reduces losses suffered at the hands of criminals is appreciated in view of the huge rise in fraudulent activity around cryptocurrency and the increasing number of calls for regulation.
Over the past year, scams involving bitcoin assets have skyrocketed in frequency. The Federal Trade Commission (FTC) reports that in 2021, more than 46,000 customers reported losing a combined total of over $680 million as a result of cryptocurrency scams. While the first quarter of 2022 saw losses of $329 million.
In the bitcoin industry, the great majority of fraudulent activities involve phony investment opportunities that promise large gains.
Joanna Bailey, the director of banking and financial crime litigation at Giambrone & Partners, made the claim.
“obtaining this judgment is incredibly significant and has opened up the possibility of helping many more of our victimized clients to recover their money lost to cryptocurrency fraud,” the plaintiffs’ attorney said.
NFTs are used in the service of lawsuits
A significant step toward eliminating fraud in an area where con artists believe they may act with impunity is the most recent judgment in the United Kingdom, which allows a case to be initiated using an NFT.
Giambrone associate Dmitri Beziantes says,
“I am confident that this most recent judgment using NFT service has the potential to pave the way for digital service over the blockchain, with all the advantages of immutability and authentication, to become the standard procedure in the future on legal matters related to the digital world,” the author asserts.
Let’s hope he is right and we can begin to turn the tide against the dishonest characters that seem to be rifling through the bitcoin industry and want to steal your money.
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