UK 'Property' Classification Boosts Confidence In Bitcoin

Law360 (April 17, 2020, 5:51 PM EDT) -- The English High Court has held that bitcoins are property that can be the subject of proprietary injunctions. This landmark decision was made in the course an interim application in support of efforts to recover a ransom payment made to hackers in bitcoins. Significantly, the judgment also endorsed much of the recent legal statement by the U.K. Jurisdiction Taskforce on cryptoassets and smart contracts.

The judgment[1] in AA v. Persons Unknown[2] follows an incident where hackers accessed the computer system of a Canadian insurance company, installing malware that encrypted the system. The hackers then demanded ransom to enable the company to...

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