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.
Robertson’s lawyers, Marc Jones of Stewarts and David Heaton of Brick Court Chambers, asserted that Bitcoin is actually his 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.