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New legislation proposed to bring FCA regulation to cryptoasset promotions

Published on 07 Jul 2023. By Oliver Bray, Senior Partner

What will the Government’s new legislation mean for the promotion of cryptoassets?

Crypto: issues for solicitors and their PI insurers

Published on 31 May 2023. By Simy Khanna, Partner and Harriet Keltie, Senior Associate

We explore the types of work lawyers are doing in this area, the risks this work may give rise to and issues for solicitors and their PI insurers to consider.

Snapshots Winter 2024

Published on 10 Dec 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Autumn 2024

Published on 17 Oct 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Summer 2024

Published on 01 Aug 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Spring 2024

Published on 17 Apr 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Winter 2023

Published on 12 Dec 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Autumn 2023

Published on 25 Oct 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Summer 2023

Published on 07 Jul 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Spring 2023

Published on 31 Mar 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Winter 2022

Published on 23 Dec 2022. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

D'Aloia – High Noon for Crypto-Tracing

Published on 17 Oct 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The High Court judgment in D'Aloia v. Persons Unknown and others [2024] EWHC 2342 (Ch) is arguably the most significant crypto judgment of 2024. Critical deficiencies in the claimant's blockchain tracing analysis, evidence presented at trial and pleadings were ultimately fatal to his claims seeking to recover assets misappropriated by fraudsters.

High Court permits enforcement of foreign judgment in crypto recovery case

Published on 22 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Tai Mo Shan Ltd v. Persons Unknown [2024] EWHC 1514 (Comm)

Crypto damages quantification: valuation at the date of breach or date of judgment?

Published on 10 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.

Summary judgment against persons unknown – a tale of two crypto judgments

Published on 09 May 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Two recent crypto judgements in the High Court, Mooij v Persons Unknown (February 2024) and Boonyaem v Persons Unknown (December 2023) reached different conclusions regarding whether a summary judgment could be granted against unidentified (and unidentifiable) fraudsters, with Mooji deciding 'yes' and Boonyaem deciding 'no'.

RPC earns top ranking for Crypto-Asset Disputes in the UK

Published on 05 Dec 2023. By Dan Wyatt, Partner and Sarah Mountain, Partner

International law firm RPC has been ranked for the first time in Chambers and Partners 2024 FinTech Guide, achieving Band 1 for Crypto-Asset Disputes in the UK.

Cracking Down on High-Risk Investments: FCA considers industry performance

Published on 11 Oct 2023. By Dorian Nunzek, Trainee Solicitor

After introducing stricter rules for the promotion of Restricted Mass Market Investments (RMMIs) in February 2023, the FCA continues to monitor the performance of firms, is conducting a multi-firm review and has outlined good and poor practices in the industry.

FCA rules could trigger 'marked drop' in finfluencers marketing crypto

Published on 09 Oct 2023. By Oliver Bray, Senior Partner and Hettie Homewood , Senior Associate

Regulator clamping down over concerns consumers are being 'influenced into high risk investments without understanding consequences'

The FCA sets expectations ahead of incoming cryptoasset marketing rules

Published on 28 Sep 2023. By Kerone Thomas, Associate and Faheem Pervez, Associate

The FCA has issued a "final warning" to firms promoting cryptoassets to UK consumers to prepare for the cryptoassets financial promotion regime. Effective from 8 October 2023, this regime aims to protect consumers from promotions that make exaggerated claims about the benefits in investing in cryptoassets.

What To Know About AI Fraudsters Before Facing Disputes

Published on 29 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.

Value of NFT fraud plummets 82% in UK

Published on 18 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The value of Non-Fungible Token (NFT) fraud in the UK has dropped 82% over the last year as the collapse in prices and lower trading volumes make these digital assets less attractive to fraudsters, reveals new data from international law firm RPC.

Binance successfully challenges interim proprietary injunction over deposited cryptoassets

Published on 24 May 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

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.

The FTX fallout so far and what may come next

Published on 16 Dec 2022. By Dan Wyatt, Partner

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.

Three Crypto firsts for the English courts

Published on 22 Nov 2022. By Dan Wyatt, Partner and George Fahey , Associate

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.

You've been airdropped: English court approves service by NFT and finds it arguable that cryptocurrency-exchanges hold misappropriated assets as constructive trustees

Published on 03 Aug 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

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.

First judgment obtained in proceedings brought by a cryptocurrency exchange in the English Courts

Published on 13 Jul 2022. By Christopher Whitehouse, Senior Associate and Jonathan Cary, Partner

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.

Injunction granted over stolen NFTs held on constructive trust

Published on 10 Jun 2022. By Christopher Whitehouse, Senior Associate and Dan Wyatt, Partner and George Fahey , Associate

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.

Is the crypto market at the end of its Tether?

Published on 18 May 2022. By Christopher Whitehouse, Senior Associate

The crashing out of Terra has unleashed fears of unsettled investors, rising disputes and fraud exposure.

High Court finds that a cryptocurrency exchange arrangement was not a trust

Published on 16 Feb 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

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.

Crypto-assets again confirmed as property by the English Commercial Court

Published on 26 Aug 2021. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

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.

No interim injunction over bitcoin account where damages would be adequate

Published on 03 Sep 2020. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

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.

Bitcoin is 'property' and can therefore be subject of proprietary injunction

Published on 03 Feb 2020. By Christopher Whitehouse, Senior Associate

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.

Regulation of cryptocurrency pre-ICO funding under English Law

Published on 15 May 2018.

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").

Hong Kong regulator warns of cryptocurrency risks

Published on 09 Feb 2018. By Jonathan Cary, Partner

Crypto & 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.

Cyber_Bytes Issue 70

Published on 31 Dec 2024. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Rachel Ford, Partner and Ian Dinning, Senior Associate and Christopher Ashton, Senior Associate and Bethan Griffiths, Senior Associate and Elizabeth Zang, Associate and Emanuele Santella , Associate and Lauren Kerr, Associate

Welcome to Cyber_Bytes, our regular round-up of key developments in cyber, tech and evolving risks.

New guidance on balancing data protection with the FCA's Consumer Duty and the TPR's Code of Practice

Published on 19 Dec 2024. By Helen Yost, Senior Associate and Jon Bartley, Partner and Jonathan Charwat, Partner

The Financial Conduct Authority (FCA), Information Commissioner's Office (ICO) and The Pensions Regulator (TPR) have published welcome guidance (Joint Statement) aimed at retail investment firms and pension providers on how to ensure their customer communications comply with the FCA's Consumer Duty (Consumer Duty) and the TPR’s Code of Practice (Code of Practice), whilst ensuring they follow the rules on direct marketing and data protection.

Privacy developments – looking back and looking forward

Published on 19 Dec 2024. By Oliver Bray, Senior Partner and Jon Bartley, Partner and Joe Lippitt, Partner and Praveeta Thayalan, Knowledge Lawyer

In this article, we give you a high-level snapshot of the key data protection and privacy developments in the UK and EU in 2024 as well as developments we anticipate for 2025.

EU publishes draft Code for general-purpose AI models

Published on 10 Dec 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

What measures are proposed by the EU AI Office to regulate general-purpose AI (GPAI) models?

Ofcom rolls out implementation phases for compliance with the Online Safety Act

Published on 10 Dec 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

What is Ofcom’s timeframe for implementation of the Online Safety Act (OSA) and what actions will in-scope services need to take to ensure compliance?

New Safer Phones Bill aims at “making social media less addictive” for young people

Published on 10 Dec 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

How does the Safer Phones Bill intend to protect young people online?

Two years on from the Digital Services Act

Published on 10 Dec 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

How has the European Commission (Commission) enforced the Digital Services Act (DSA) since its inception?

New Standard Contractual Clauses for data importers outside the EAA but subject to the GDPR

Published on 10 Dec 2024. By Oliver Bray, Senior Partner

Are the EU’s Standard Contractual Clauses (SCCs) needed if a data importer is located outside the European Economic Area (EEA) and already directly subject to the EU General Data Protection Regulation (EU GDPR)? In other words, where third party controllers and processors are based outside the EAA but subject to the GDPR, do you still need the SCCs to enable a lawful international transfer to them?

The UK’s new Data (Use and Access) Bill

Published on 10 Dec 2024. By Oliver Bray, Senior Partner

What does the UK’s new Data (Use and Access) Bill (the Data Bill) mean for businesses?

The EU's Cyber Resilience Act: 10 on the 10

Published on 10 Dec 2024. By Richard Breavington, Partner and Dorian Nunzek, Trainee Solicitor

Today the EU's Cyber Resilience Act (Regulation (EU) 2024/2847) ('CRA') enters into force. The CRA recognises that the continuously evolving world of smart products is frequently challenged by vulnerabilities which can potentially lead to cyber-security incidents. Whilst most of the Act's obligations will not be applicable until three years from now, 10 December is the day when the EU takes a big step towards it's ten-year Cybersecurity Strategy. To mark the occasion, we have outlined ten key points that entities in scope must be aware of in preparation for compliance with the CRA.

EDPB’s new publications on the ePrivacy Directive, processors and legitimate interests

Published on 09 Dec 2024. By Oliver Bray, Senior Partner

What are the key takeaways for organisations processing personal data set out in the recent Guidelines and Opinions adopted by the European Data Protection Board (EDPB)?

ICO Statement on Generative AI Model Training

Published on 09 Dec 2024. By Oliver Bray, Senior Partner

What position does the Information Commissioner’s Office (ICO) continue to take on Generative AI Model training?

ICO reprimands Sky Betting and Gaming for using non-essential cookies without users’ consent

Published on 09 Dec 2024. By Oliver Bray, Senior Partner

What proactive steps should website operators take to ensure that their use of cookies complies with UK data protection law? Put another way, are you sure personal data is not being collected by your website’s advertising cookies before users have consented to their deployment?

Irish DPC fines LinkedIn €310m for behavioural analysis and targeted advertising breaches

Published on 09 Dec 2024. By Oliver Bray, Senior Partner

How certain do data controllers need to be of their lawful basis for processing personal data when engaging in behavioural analysis and targeted advertising, and how clearly must this be reflected in a privacy policy?

DORA Watch - November 2024

Published on 04 Dec 2024. By Jon Bartley, Partner

As financial entities and ICT service providers undergo the final stages of implementation of the Digital Operational Resilience Act (DORA) requirements into their systems and processes, it is imperative to understand the legal developments and ongoing updates arising from EU Member States as they go through their respective transposition and alignment processes. Through TerraLex - our global legal network, which provides us with access to 22,000 lawyers from highly regarded and carefully vetted law firms stretching more than 120 countries – we have collated legal updates focusing on DORA and its implications in EU jurisdictions.