December 3, 2022

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UK court allows process submission using NFTs for first time in history

UK court allows process submission using NFTs for first time in history

According to a note issued by UK law firm Giabron & Partners on Tuesday, A process Presented by Fabrizio D’Aloia vs Exchanges Binance, Poloniex, gate.io, OKX and Bitkub set the legal precedent for using digital solutions using fungible tokens in the process.

On June 24, the judge in the case allowed the parties to be served with NFTs in wallets that D’Aloia had but were stolen by unidentified persons. According to the indictment, the exchanges were “cloned.”

Until now, the rules of civil procedure in the UK allowed claims to be served by personal service, by post, at a physical address or by fax or other “electronic communication”. However, the use of electronic methods to serve someone usually occurs in cases where the parties have agreed in advance to a certain type of delivery or by authorization of the court. According to Giambrone & Partners, these methods include Instagram direct messages, Facebook messages and the contact form on the website.

“This directive is a significant development in the area of ā€‹ā€‹court document service and a welcome example of a courtroom open to new technologies,” the law firm said. “This case paves the way for other victims of cryptocurrency fraud to punish unknown individuals who misused their cryptocurrencies in situations they could not have done.”

Demetri Besiantes, Associate at Giambrone & Partners, Completion:

“I believe that this experiment using an NFT service will show the way for a digital service on top of blockchain, with all the benefits of immutability and authentication, to become standard practice in related legal matters in the future. The world is digital. [ …] In this field, it is clear that this method of fulfillment has a much higher level of success than conventional methods of fulfillment such as mail.

In addition to the precedent set by serving individuals through BlockchainThe court held that cryptocurrency exchanges are responsible for ensuring that stolen assets are not moved or recovered.

Our firm was the first law firm in the UK and Europe to obtain permission from a High Court judge for document proceedings relating to global freezing injunctions against unknown persons via NFT using blockchain technology.

A judge in the UK has authorized a party in a lawsuit to file legal documents using non-fungible tokens, or NFTs.

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In June, a law firm in the United States was accused of using a defendant NFT In an $8 million hacking case involving Liechtenstein-based cryptocurrency exchange LCX. The Law Commission issued the NFT as a temporary restraining order in a hot wallet, while the party served was not named.

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