A statement from a legal expert came after the decision in the lawsuit filed for the property rights of a wallet worth approximately 30 million pounds. The expert said that the UK Courts have adapted very easily to the increasingly complex situation regarding crypto-asset litigation. At this point, British courts seem to have adapted quite quickly in the face of increasing crypto cases.
The Case in question is a First in Nature
The lawsuit filed for the property rights of a wallet worth 30 million pounds has come to the fore in the crypto industry. It started when HDR Global Trading Ltd. filed an application to the supreme court to decide whether an account set up on HDR’s own exchange BitMex belonged to Nexo or former director Georgi Shulev. HDR froze the account when Nexo’s board appointed Shulev as director, and that’s where the conflict arose.
Shulev claims that he opened the wallet containing more than 800 Bitcoins with his own e-mail and that some of the Bitcoins in it belong to him. On the other hand, Nexo claims that the account is a trading account and all the assets it hosts are owned by the firm.
On the other hand, although Shulev and Nexo agreed before the trial, this did not affect the decision much. Shulev would transfer access, control and ownership of the HDR account to Nexo for $1 million. Shulev, on the other hand, said that the definition of cryptoassets is not applicable because it is too broad and vague.
However, the court decided that Shulev had not done his part and decided to transfer $10 million in crypto to Nexo before Nexo paid $1 million.
The court added that the HDR account will be left to Nexo and Shulev in addition to what needs to be done.
UK Crypto Lawsuits Rise
According to the report published by international law firm Pinsest Masons, lawsuits have started to come in the form of a downpour after the UK’s legal framework on cryptoassets and smart contracts.
Jennifer Craven, Pinsent Masons’ legal director, said:
Most of these lawsuits are based on decisions taken to support the tracking and recovery of cryptocurrencies stolen by thieves. The fact that British courts are at the forefront of litigation internationally on cryptocurrencies or related technologies shows that English courts have done a good job in adapting and are looking out for the rights of litigants.
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