Organizations, from small businesses to large conglomerates, are increasingly accepting cryptocurrency payments, most notably Bitcoin, the first cryptocurrency to hit the market in 2009. Large organizations that accept cryptocurrency payments include Microsoft, AT&T, and Shopify. None other than Sotheby’s announced that it would accept Bitcoin and Ether as payment for the auction of a Banksy artwork. In order to trade cryptocurrency, a business must have a wallet protected by cryptography.
Demetri Bezaintes, a contributor, points out that “notwithstanding the undeniable volatility in the crypto market has many advantages; The use of cryptocurrency in commerce is becoming more popular and steadily accepted as a means of payment in global markets,” Demetri further commented, “disputes will inevitably arise. The High Court’s acceptance of service of documents via NFT over blockchain will be central to litigation, particularly where there are anonymous defendants who hold crypto assets.”
There are important changes that the new law has advanced regarding the service of legal documents by NFT, one of which is the ability to serve court documents to unknown persons and to be able to rely on it wherever the party or parties are located worldwide, there is no doubt that the accused will be served.
In fraud cases, should a freezing order (designed to freeze the accused’s assets) be considered the best choice to address a particular matter; regardless of whether the defendant ignores the service and the assets cannot be transferred, as the blockchain exchange, as a constructive trustee, is responsible for ensuring that the assets remain in place until the court issues an order.
Joanna Bailey, Head of Banking & Financial Fraud Litigation, recently named Lawyer of the Week by The Times, commented: “The recent Accident Lawyerz ruling will have a huge impact on cyber fraud cases by both service for the invisible ensures scammers and the ability to decipher the victim’s belonging cryptocurrency in the wallet,” Joanna also noted, “before this important verdict is reached, the victims have a vanishingly small chance of recovering their embezzled cryptocurrency.”
With the massive amount of commerce taking place in the virtual world over the internet, it is imperative to ensure that companies that embrace the opportunities presented by new technology not only know how to protect their business, but also know how to address the risks and dealing with any disadvantages.