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Not sure who took your cryptocurrency? Those in the United Kingdom can now be sued using blockchain.
The company announced Tuesday that a U.K. court granted Giambrone & Partners LLP permission to serve legal documents to an anonymous individual through an NFT airdrop sent to the subject's cryptocurrency wallet last month. Fabrizio D'Aloia, represented by Giambrone, is suing an unidentified individual and the cryptocurrency exchanges Binance, Poloniex, gate.io, OKA, and Bitkub for the loss of cryptocurrency monies.
NFTs are unique tokens on blockchain networks like Ethereum or Solana and represent ownership of a digital asset, which may be anything from a photograph to virtual property or, as of recently, legal documents.
According to the law firm, D’Aloia is attempting to retrieve his missing cryptocurrency.
“Mr. D’Aloia’s cryptocurrency being misappropriated by Persons Unknown operating a fraudulent clone online brokerage encouraging would-be investors to deposit cryptocurrency into two wallets so that ‘trades’ could be placed with it,” the company claimed.
Giambrone Associate Joanna Bailey considers exchanges to be a component of the issue. The law company is now serving court documents for the return of the allegedly stolen cryptocurrency.
“Should cryptocurrency exchanges act contrary to such orders and fail to ringfence the identifiable cryptocurrency, they risk being held liable for breach of trust,” stated Bailey about the complaint. The associate declined Decrypt’s request for more comment.
The legal firm also said that authorities and politicians have “failed to impose control” over bitcoin exchanges.
The company commended the U.K. government’s decision to enable judicial processes to commence via NFTs, citing “better consumer safeguards and responsible practice” as a reason.
However, the enforceability of legal papers delivered through an NFT is yet unknown. In an email to Decrypt, Preston Byrne, an attorney and partner at Anderson Kill, stated that such a practice would likely have “little practical consequence.”
“It’s an interesting type of alternative service, and in keeping with the U.K.’s tradition of alternative service via platforms like Twitter, albeit one which is of limited practical effect if a user has been fastidious about [operational security] or decides simply to never transact with that wallet again.”