Tuesday, December 5, 2023

UK court approves first NFT lawsuit.

Earlier this month, the High Court of England and Wales allowed the service of legal proceedings via an NFT, for the first time in history. The Court permitted the victim of a crypto scam to serve legal notices through an NFT to the person or party who is accused in the case.

A little bit about the case

The legal proceeding via an NFT stemmed from a case between Fabrizio D’Aloia, an Italian engineer, and Binance Holdings and Bitkub. Fabrizio is the founder of Microgame, an online gambling platform. He claimed that his cryptocurrency was misappropriated by crypto wallets operated by unknown persons. Upon suffering a loss of about 2.1 million Tether and 230,000 USD coins, Fabrizio hired Giambrone & Partners as legal counsel.

In this landmark case, the High Court of England and Wales allowed the deployment of an NFT for delivering legal proceedings. The Court also remarked that the funds could not be transferred by the exchanges while in custody.

Importance of the Landmark Judgement

As per the official press release of Giambrone and Partners, this landmark judgment shall be a trailblazer for other victims of crypto fraud whose assets have been misappropriated by anonymous persons and organizations. Until now, UK’s Civil Procedure Rules allowed the serving of lawsuits only through physical delivery at postal addresses, faxes, email, or other forms of electronic communication. In a historic move, the Court has used the existing blockchain technology to extend the scope of protocols for serving justice to the wronged.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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