The significance of a recent case relating to cryptocurrency fraud and asset recovery was the subject of an article by Rahman Ravelli’s Syed Rahman.
Syed’s piece, which was published by Practical Law’s Dispute Resolution Blog, assesses the case of Ion Science Ltd and Duncan Johns v Persons Unknown, Binance Holdings Limited and Payward Limited.
He explains why he believes the case – in which he represented the applicants – could prove notable for future cryptocurrency-related cases. It is believed to be the only ICO (initial coin offering) fraud case to have come before the Commercial Court and the first where a court granted permission to serve a free-standing Bankers Trust order out of the jurisdiction against cryptocurrency exchanges.
His article outlines the importance of these factors and how the case saw the location of cryptocurrency considered in relation to the court’s jurisdiction.
Syed believes the case helps clarify a number of issues relating to crypto-related fraud and asset recovery. While the judge emphasised it cannot be considered authority, Syed emphasises its value in providing a “route map’’ to those looking to recover what they have lost to cryptocurrency fraud.
Syed's article featured on the Practical Law Dispute Resolution Blog