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Binance successfully challenges interim proprietary injunction over deposited cryptoassets
In Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch), the cryptocurrency exchange Binance successfully applied to discharge an interim proprietary injunction obtained by a claimant whose misappropriated cryptoassets had been deposited at the exchange. This is the first recorded case of an exchange successfully having discharged such an injunction.
Read moreThe FTX fallout so far and what may come next
The collapse of FTX Trading Ltd. has been as dramatic as it has been fast. Until then, FTX had been the second-largest exchange in the world.
Read moreThree Crypto firsts for the English courts
The recent judgment handed down in Jones v Persons Unknown [2022] EWHC 2543 (Comm) contained three firsts in the English Court: the imposition of a constructive trust between a crypto exchange and a victim of crypto fraud, an order for delivery up of Bitcoin, and summary judgment served by NFT airdrop. It shows the English courts' continued willingness to push the boundaries of English law in relation to the recovery of misappropriated cryptoassets. The innovative application of English law procedures and remedies to the growing problem of crypto theft and fraud is of considerable assistance to the victims of this pernicious and widespread fraudulent activity.
Read moreYou've been airdropped: English court approves service by NFT and finds it arguable that cryptocurrency-exchanges hold misappropriated assets as constructive trustees
In D’Aloia v (1) Persons Unknown (2) Binance Holdings Limited & Others [2022] EWHC 1723 (Ch), the English court approved service of proceedings by NFT and found that it was arguable that cryptocurrency exchanges owed constructive trustee duties to cyber-fraud victims.
Read moreFirst judgment obtained in proceedings brought by a cryptocurrency exchange in the English Courts
In HDR v Shulev and Nexo [2022] EWHC 1685 (Comm), HDR (represented by RPC), which operates the cryptocurrency exchange BitMEX, initiated stakeholder proceedings under CPR Part 86 to resolve a dispute between two rival parties claiming control, and ownership of the contents, of a trading account.
Read moreInjunction granted over stolen NFTs held on constructive trust
In a highly anticipated judgment, the Commercial Court in Lavinia Deborah Osbourne v (1) Persons Unknown (2) Ozone Networks Inc held that "there is at least a realistically arguable case" that non-fungible tokens ('NFTs') are to be treated as property in English Law.
Read moreIs the crypto market at the end of its Tether?
The crashing out of Terra has unleashed fears of unsettled investors, rising disputes and fraud exposure.
Read moreHigh Court finds that a cryptocurrency exchange arrangement was not a trust
The High Court decided that no trust could arise where two parties had agreed to an exchange of cryptocurrencies (in essence a sale and repurchase agreement), as the essential economic reciprocity precluded the existence of any trust.
Read moreCrypto-assets again confirmed as property by the English Commercial Court
In the Commercial Court's latest crypto-related judgment, Fetch.AI(1), a proprietary injunction and worldwide freezing order were granted against various categories of persons unknown who had misappropriated various crypto-assets from one of the claimant's Binance trading accounts. In doing so, the Court agreed with the key finding in the seminal case AA v Persons Unknown, Re Bitcoin [2019] EWHC 3556 (Comm) – that bitcoin is 'property' – albeit it did so on a different basis.
Read moreNo interim injunction over bitcoin account where damages would be adequate
The court has declined to continue interim injunctions granted in respect of a 'coin depot account' holding bitcoin over which the claimants asserted a proprietary right.
Read moreBitcoin is 'property' and can therefore be subject of proprietary injunction
Following recent case law on the matter, the High Court has found that bitcoin can be 'property' and can therefore be the subject of a proprietary injunction.(1) In reaching its conclusion, the court adopted the detailed analysis of the issue set out in the UK Jurisdictional Task Force's November 2019 Legal Statement on Crypto-Assets and Smart Contracts, thereby providing a far more detailed judicial basis for the finding than found in previous cases. The bitcoins at the heart of this case were part of a ransom payment paid to a hacker who installed malware on a company's IT systems.
Read moreRegulation of cryptocurrency pre-ICO funding under English Law
Launching a cryptocurrency typically involves an initial fundraising process followed by a public sale process, by way of initial coin offering or token sale ("ICO").
Read moreCrypto & Digital Assets Disputes
Our crypto and digital asset dispute lawyers have deep technical knowledge of the sector and the technology powering it alongside vast experience in navigating the commercial and legal complexities. Where fraud has occurred, we move fast to secure and recover stolen digital assets.
Read moreHarmful Online Choice Architecture: ASA criticises Nike and Sky for “dark pattern” tactics
What must businesses do to ensure that their ads do not fall foul of the ASA and CMA’s ongoing investigations into harmful choice architecture and dark pattern tactics?
Read moreAgreements to agree: Price for goods “to be fixed” by agreement results in partially enforceable contract
Where a contract for the sale of goods did not expressly specify the price for a portion of the goods, was the contract for the sale of those goods, or an element of it, enforceable or unenforceable as a mere agreement to agree?
Read moreInfluencer posts and affiliate links: the whole marketing chain must know the rules
Why did the Advertising Standards Authority (ASA) rule against Sainsbury’s on the use of an affiliate link by an influencer (noting that Sainsbury’s had no involvement in the creation of the post) and what steps could Sainsbury’s take to help prevent the problem from happening again?
Read moreConstruing material adverse effect/material adverse change clauses
How did the courts go about construing a material adverse effect definition (MAE) in a share purchase agreement (SPA) to determine whether an event constituted a MAE so as to discharge the buyers from their obligation to close the transaction?
Read moreTravel agent found to have misled consumers with “from” price claims
How can advertisers avoid misleading consumers when using “from” price claims?
Read moreReasonable notice termination not construed or implied into a contract with detailed termination provisions
Where a contract contains comprehensive termination provisions, in what circumstances will the court avoid construing or implying an additional right to terminate on reasonable notice?
Read moreASA rules against telecoms companies on mid-contract price rises
What steps should be taken to ensure contractual mid-term price rises don’t fall foul of advertising regulations or Ofcom’s existing and incoming transparency rules?
Read moreEffect of a contractual liability cap on set-off and contractual interest
Under a contract’s liability cap, should the cap be applied separately to each party’s liability before any set-off or after calculating the net financial position between the parties?
Read moreRound up of recent green claims
Round up of recent green claims: Key updates and sector-specific updates
Read moreSnapshots Winter 2024
A roundup of key legal developments for the modern commercial lawyer.
Read moreSnapshots Autumn 2024
A roundup of key legal developments for the modern commercial lawyer.
Read moreCourt infers novation despite 'no dealings' clause
Magee and others v Crocker and others [2024] EWHC 1723 (Ch)
Read moreDetermining whether a default interest clause is an unenforceable penalty
Houssein & Others v London Credit Limited & Another [2024] EWCA Civ 721
Read moreAgent authority in contract variation
Advanced Multi-Technology for Medical Industry and others v Uniserve Ltd and others [2024] EWHC 1725 (Ch)
Read moreContract construction – adjective at the start of a list found to qualify the entire list
Cantor Fitzgerald & Co v Yes Bank Ltd [2024] EWCA Civ 695
Read moreUpdated CAP guidance on when in-game purchases are considered 'advertising'
When and how does the CAP Code apply to the advertising of in-game purchases such as "loot boxes" in apps and video games?
Read moreASA continues to scrutinise aviation green claims
What can we learn from the Advertising Standards Authority's (ASA) recent rulings against green claims in the aviation industry?
Read moreASA rules on impact of historic environmental performance on green claims
How does the Advertising Standards Authority (ASA) say about poor historic environmental behaviour in respect of green claims?
Read moreIAB Europe's 12 guiding principles for the 2024-2029 EU legal agenda
What principles will guide IAB Europe in the upcoming EU legal agenda?
Read moreASA rules that ad is not sufficient where influencers also have business interests
Why could Zoe and Huel not rely on a #ad disclosure in ads promoted by the famous entrepreneur, Steven Bartlett? And what does this mean for brands where the individual featured in their ads has a business interest in them?
Read moreHeating and insulation green claims under CMA review
What is the Competition and Markets Authority's (CMA) new guidance on the marketing of heating and insulation products and how does this fit into the wider consumer protection picture?
Read moreSnapshots Summer 2024
A roundup of key legal developments for the modern commercial lawyer.
Read moreSnapshots Spring 2024
A roundup of key legal developments for the modern commercial lawyer.
Read moreInterest clauses – displacing the courts’ wide discretionary powers to award interest on debt or damages
What is the courts’ approach to awarding statutory interest when a contract provides for contractual interest.
Read moreIncorrect invoicing – claiming the difference between sums mistakenly invoiced and sums correctly due under agreement terms
When a supplier invoices a lower sum than the figure due under the agreement, can the customer defend a claim in debt based on incorrect invoicing?
Read moreExcluding statutory implied terms – inequality of bargaining power considerations
In what circumstances is it reasonable to exclude the statutory implied term as to quality?
Read moreExpress and implied good faith obligations and relational contracts
Did an express or implied general duty of good faith arise under a relational contract between parties who were also competitors?
Read moreSPA breach of warranty claim – interpreting a no material adverse change warranty
How will the courts assess an alleged breach of a warranty that there had been no material adverse change in the financial prospects of a company?
Read moreExclusion clauses - loss of profits and wasted expenditure
What factors does the court take into account when construing an exclusion clause that covered loss of profits and wasted expenditure, and how does the court approach arguments on whether UCTA applies where the parties are dealing on standard terms of business that have been subject to some negotiation?
Read moreSnapshots Winter 2023
A roundup of key legal developments for the modern commercial lawyer.
Read moreSnapshots Autumn 2023
A roundup of key legal developments for the modern commercial lawyer.
Read moreSnapshots Summer 2023
A roundup of key legal developments for the modern commercial lawyer.
Read moreSnapshots Spring 2023
A roundup of key legal developments for the modern commercial lawyer.
Read moreSnapshots Winter 2022
A roundup of key legal developments for the modern commercial lawyer.
Read moreImproper threats to disclose private and commercially sensitive information obtained from conversation overheard during acquisition negotiation
Can the court prevent disclosure of information of a confidential nature obtained from a private conversation overheard by the opposing party during a negotiation?
Read moreForce majeure clause construction – Covid-19 temporary delay not “inability to perform” leading to valid termination of contract
Did a temporary delay caused Covid-19 restrictions allow a party to rely on a force majeure clause to terminate a contract?
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