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The Law Faculty of the University of Oxford recently published a post highlighting the possible consequences for stolen and lost digital currency applications. This was published in the Business Law Blog on December 12th. In the blog post, a researcher at SAFE Frankfurt – Grygoriy Pustovit – highlighted the case of Copytrack Pte Ltd against Brian Wall.
Rules of the Court of First Instance of British Columbia to return the erroneously sent etereum (ETH)
According to the blog post, the British Columbia Superior Trial Court established the return of the Ethereum token (ETH) that was mistakenly sent to another receiver. The digital currency was mistakenly sent by Copytrack, a Singapore-based blockchain startup. The court ordered the defendant – Brian Wall – to return the digital currency to Copytrack.
Brian Wall, the accused, mistakenly received 530 ETH tokens from the start instead of 530 Copytrack coins (CPY). The defendant should have received 530 CPY tokens after participating in the Copytrack Initial Coin Offering.
The total value of Ethereum (ETH) sent to the defendant is equivalent to $ 370.482 ($ 495,000 Canadian). Whereas, the value of the CPY coins the defendant wanted to buy was $ 583 ($ 780 Canadian) at the time. According to Pustovit, "This scheme could have a huge effect on the application of complaints about the stolen and lost digital currency". The ruling gives the appellant the power to track down and recover coins from anyone holding the Ethereum tokens at the moment.
The legitimate owners of Crypto may soon be able to track down their coins
While competent services emerge to track digital currencies, the legitimate owners of some digital currencies may be able to track them down on public records and retrieve them once they are on the portfolio of a trading platform. According to Pustovit, codes are not the only things that govern blockchains. Blockchains are also regulated by the laws of the jurisdiction concerned.
The blog post noted that while international enforcement of different national laws and regulations could prove difficult, digital currency firms will likely act in accordance with the jurisdiction in jurisdictions in which they have strategic interests. Pustovit also stressed that the court lost the opportunity to define the legal traits of digital currencies. The reason is that it could not be managed by summary judgment.
Since the accused is no longer alive, it is not necessary to send the matter to the trial. This led the court to decide that the coins of Ethereum (ETH) should be the property of the plaintiff, and all tokens should be returned. However, the court left claims concerning conversion and holding uncertain. While the legal status of digital currencies as regards jurisprudence is still confusing, there are many rulings recognizing that other intangible assets, such as shares, mining interests and funds, may be subject to conversion and holding requests.
Canada is known to be one of the nations most in favor of the digital currency of the world. The country has favorable regulations to the crypto industry. It also offers low energy costs for the extraction of digital currencies.
Price Ethereum (ETH) today – ETH / USD
At the time of writing this article, Ethereum (ETH) is changing hands to $ 89 after a decrease of less than one percent in the last twenty-four hours. The current market capitalization of the digital currency is $ 9.26 billion with a trade volume of $ 1.49 billion over the past twenty-four hours.
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