Home » Courts and Lawyers are Using NFTs to Summon Crypto Criminals: Report

Courts and Lawyers are Using NFTs to Summon Crypto Criminals: Report

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Neither author Ruholamin Haqshanas nor The Tokenist on this website provide financial advice.please consult Website policy before making financial decisions.

The anonymity of blockchain technology has allowed fraudsters to steal users’ funds anonymously. Use of NFT, claimant serve now Court order against anonymous hackers on blockchain.

NFT Servings gain momentum as cryptocurrency hacks surge

After filing a lawsuit against a defendant, the plaintiff is usually required to serve a paper document on the defendant by mailing it to the defendant’s address. If the defendant’s address is unknown, the plaintiff can be served by email, but permission is still required.

And in the absence of actual email, the plaintiff can use any available route, including blockchain, to serve the defendant. This is not very frequent as there are many instances in the crypto world where digital assets are stolen or converted to another account without permission.

This is the case of LCX AG v. John Doe Nos. 1-25, No. 154644/2022 (NY Sup. Ct. June 2, 2022), the oldest and first case allowed to be served by an NFT . In this case, the plaintiff had to serve the defendant by NFT because he had nothing else.

In a similar case, the High Court of England and Wales approved In early July of this year, an Italian engineer who processes nearly $2 million in stolen cryptocurrency via NFTs attempted to recover it.

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Singapore Court Allows Court Documents To Be Served Via Blockchain

Plaintiffs buy Bored Ape Yacht Club NFT DeFi loan collateral A Singapore court that filed a $150,000 lawsuit in March this year said an order to freeze potential sales of BAYC NFTs could be served via blockchain, given the defendants’ identities are unknown. It was ruled that there is

The defendant in this case, known only to use the alias “chefpierre” on social media platforms such as Twitter, foreclosed on a loan after the plaintiff failed to repay it on time. However, as part of the contract, it is stipulated that the claimant will never relinquish ownership of her NFT, and must grant an extension before the foreclosure if the loan cannot be repaid on time. .

The judge in charge of the case, Judge Lee Seiu Kin, issued an injunction in May to stop the sale and transfer of the NFTs in question. On Friday, a judge ruled that, in explaining the injunction, the NFTs meet certain legal requirements to be considered property.

“If the Singapore court did not hear this case, there would be no other suitable forum. This was because the Bored Ape NFT existed as code stored on the Ethereum blockchain. Essentially, it is a distributed network of ledgers maintained by computers around the world.

Nevertheless, the market for NFTs saw a slight increase in trading volume over the past week, largely thanks to the hype. Reddit NFTsAccording to data from NonFungible, NFT sales volume in US dollars has increased nearly 30% in the past week to $13 million.

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Do you think NFT service on defendants is realistic? Let us know in the comments below.

About the author

Ruholamin Haqshanas is a seasoned cryptocurrency and financial journalist with over two years of writing experience in the field. He has a firm grasp on different segments of the FinTech space, including decentralized iterations of the financial system (DeFi) and emerging markets for non-fungible tokens (NFTs). He is an active user of digital assets for money transfers.

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