Absent any further appeal by the developers, Tulip Trading’s case will proceed to trial, where the question of the extent to which blockchain developers owe legal duties to their users will be decided in full light of the evidence and the facts.
2022 is an eventful year for Dr. Craig Wright, whose legacy as the inventor of Bitcoin is challenged by opponents whose aim is to tarnish his reputation, leading to CSW's several appearances in court.
Coinbase is about to launch its ERC-20 self-service asset recovery tool, designed to help users regain assets they may have lost in mistaken transactions to Coinbase wallets.
Central to the respondent developers’ argument is the impracticality of assigning fiduciary and tortious responsibility to developers in this way.
The U.K. Court of Appeal heard Tulip Trading’s arguments that blockchain engineers owe fiduciary and tortious duties to those who use their blockchains today.
The English Court of Appeal will hear Tulip Trading’s case on the legal duties owed by blockchain developers, granting permission to appeal the High Court’s decision to strike the case out for lack of jurisdiction.
The suit arises from a hack on Dr. Craig Wright’s home network in 2020 which saw the keys to a colossal amount of Bitcoin stolen from him.
Dr. Craig Wright was in the same frustrating position as the countless other victims of digital asset theft: he knows exactly where his coins ‘sit’ on the blockchain yet is unable to access that property without the necessary private keys.
The court heard the challenge earlier this month, where lawyers for the developers argued that the case fell outside the jurisdiction of the English courts.
ONTIER LLP responds to the judgment handed down by Justice Falk following a successful application by 13 of the 16 Bitcoin developer defendants to challenge the English court’s jurisdiction in legal proceedings brought by Tulip Trading Limited.
The case is officially brought by Tulip Trading Limited, a company primarily owned by Dr Wright, and concerns the loss of more than 111,000 bitcoins from a hack on Dr Wright’s home network in 2020.
Dr. Craig Wright, through Tulip Trading Limited, has been granted permission to serve 11 Bitcoin developers out of jurisdiction in order to recover £3.5bn worth of Bitcoin stolen in a hack on Dr. Wright’s network in 2020.
