The UK Court recognizes Bitcoin as “property” in a first of its kind, interim judgment on a case of Bitcoin hacking. UK Court ruling considers bitcoin “property” for now.
Liam Robertson, CEO of Alphabit, said last month that he was conned out of Bitcoin’s $1 million in a spear-phishing attack in July. Alphabit is a crypto-fund that manages $195 million.
Spear phishing is an email or electronic communications scam aimed at a particular person, organization, or company. While often intended for malicious reasons to steal information, cybercriminals may also plan to install malware on the computer of a targeted user.
As per the order, the court asked Coinbase to temporarily freeze stolen funds. This means that the Court recognized Bitcoin as legal property.
The official report mentioned;
“The case, Liam David Robertson v Persons Unknown, is of great significance as practitioners await the outcome of the UK Jurisdiction Taskforce consultation that is considering, among other related matters, the status of crypto-assets under English private law, in particular, whether they can be considered as ‘property’.”
Robertson stated they bugged the phone line. Also, they fraudulently induced an email “spear-phishing” attack to send 100 bitcoin. By the time it was realized, 80 bitcoin had already gone to Coinbase crypto exchange, 15 to LocalBitcoins.com, and 5 to a cold wallet.
He also said that his lawyers are planning to use different resources. This is to get back the rest of the 15 bitcoin from LocalBitcoins.com. Also, the 5 bitcoin kept in the cold wallet.
The remaining battle for 20 bitcoins demonstrates that the British legal system of centuries-old can keep up with the times. However, British law must continue to battle powerful global competition. This is in order to maintain the companies going through its judiciary.