Suit Over Blockchain Property Rights Survives Dismissal Bid

By Elise Hansen (August 10, 2021, 9:12 PM EDT) -- A cryptocurrency enthusiast who took advantage of a bug in a blockchain organization's code to mint millions of tokens can pursue claims that he is entitled to the tokens, a California federal judge found, saying the case raises novel questions about digital property.

Mark Shin has adequately alleged that ICON Foundation was wrong to get his crypto-asset accounts frozen after he took advantage of its flawed code, U.S. District Judge William H. Orrick said Monday. The case addresses property rights concerning blockchains and decentralized technology, a relatively fresh legal frontier.

Shin "appears to raise issues of first impression: both parties attempt...

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