Author: Syedur Rahman 16 August 2021
Rahman Ravelli featured heavily in the media as a result of their involvement in a cryptocurrency case that marked a legal first.
The case was notable for hackers gaining access to cryptocurrency accounts, trading the assets cheaply to a third party known to them and then selling them on at their proper value and taking their gains. This was the first instance of such activity to come before the courts.
But the case, Fetch AI Limited, Fetch AI Foundation PTE v Persons Unknown, Binance Holdings and Binance Markets, was also significant as London's High Court ordered the crypto exchange Binance to both identify those who carried out the hack and freeze their accounts.
While the current lack of regulation regarding cryptocurrency and its rapid development have attracted those looking to use it to make illegal gains, this case dispels the myth that all cryptoasset activity can be conducted anonymously.
This is likely to be a decision that aids many parties in the future, who look to the courts to help them recover assets lost through crypto fraud to an unknown person in an unknown location. It goes a long way towards showing that the cloak of anonymity cannot be relied on by those looking to carry out such offences.
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, civil recovery, cryptocurrency and high-stakes commercial disputes.