It is also a significant judgment as it demonstrates how England and Wales is one of the best jurisdictions in the world, if not the best, when it comes to protecting victims of #cryptoasset fraud.įabrizio D’Aloia v. This order is a noteworthy development in the area of service of court documents and a welcome example of a court embracing new #technology. ![]() Giambrone & Partners International Law Firm instructed Dean Armstrong QC and Racheal Muldoon of 36 Commercial to secure the first order of its kind outside of the United States granting permission to serve proceedings on Persons Unknown connected with two digital wallets over the blockchain by non-fungible token or #NFT. (1) Persons Unknown (2) Binance Holdings Limited & Others. On 24 June 2022, the High Court of England and Wales granted an order permitting service of court proceedings via the transfer of a token on the #blockchain in the case of D’Aloia v. Service by NFT and Cryptocurrency Exchanges recognised as Constructive Trustees of Misappropriated Cryptocurrency. The decision is linked here: #blockchain #compliance #law #blockchain #crypto If that is transferred to third parties, the claimant might never be able to recover it, and so any proprietary remedy ordered by the court in relation to the Bored Ape NFT would be writ in water." What is truly unique, and irreplaceable here is the string of code that represents the Bored Ape NFT on the blockchain. The picture of the Bored Ape NFT exists as an image file which can be copied many times over. "While I agreed with that the balance of convenience lay in favour of granting the injunction, I would point out that, based on our brief explanation of what an NFT is (see – above), it is not quite accurate to describe the Bored Ape NFT as a very unique artwork, and the only one in existence. The decision is generally interesting however, I found the following passage (at para ) particularly intriguing (primarily from a copyright perspective): ![]() ![]() the Court had jurisdiction to hear the matter and make Orders. despite formality requirements in the new Singaporean Rules of Court, it was possible to obtain an injunction against an unknown person by waiver of non-compliance of formality requirements. On 21 October 2022, the High Court of Singapore delivered an interesting judgment regarding whether #NFTs can be the subject of injunctions.
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