UK Court approves serving legal documents via NFTs
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The High Court of England and Wales is allowing people to file suits via the blockchain. The ruling became effective after Fabrizio D’Aloia, the founder of the online gambling company Microgame, was permitted to use NFTs to file lawsuits against anonymous defendants.
With the court’s approval, D’Aloia will deliver legal documents through an NFT airdrop to the two wallets and file a lawsuit against the owners of the wallets. He was scammed by an online brokerage, in which he deposited 2.1 million USDT and 230,000 USDC into two wallets that proved to be fraudulent.
This is a significant move for the crypto industry, where exploiters can hide their identities and can only be tied to their wallet addresses.
“This order is a noteworthy development in the area of service of court documents and a welcome example of a court embracing new technology. It is also a significant judgment as it demonstrates how England and Wales is one of the best jurisdictions in the world, if not the best, when it comes to protecting victims of cryptoasset fraud,” wrote Giambrone & Partners LLP law firm.
D’Aloia hold his digital assets in Binance, Bitkub, Gate.io, OKX, and Poloniex. He was granted an injunction, which prohibits the exchanges from moving his allegedly stolen funds.
Cryptocurrency and NFT owners often suffer financial or other losses due to security risks, hacks, rug pulls, and other scams that have been following the industry. According to a report, hackers have stolen $1.97 billion from the Web3 industry this year.
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