Law and Legislation

Caught In The Crime! Officials Can Now Freeze Stolen Crypto’s.

The High Court, in a historic judgment, declared that Worldwide Freezing Orders (WFOs) might be used to freeze the movement of disputed funds while a determination is reached on who, if anybody, is to blame. For years, WFOs have been utilized in traditional criminal cases to determine who is the rightful owner of the disputed commodities while a court determines who is the lawful owner of the disputed goods.

However, because blockchains are taken by anonymous fraudsters who may be anywhere on the earth, victims of crypto crime are sometimes helpless to recover their funds.

There had been some doubts about whether WFOs could be utilized in cases of suspected bitcoin theft because determining who was accused of stealing them is challenging.

However, the High Court declared in a historic judgment that crypto-assets like Bitcoin counted as property for the purposes of the order.

It was also satisfied that it had jurisdiction to issue the proprietary injunction and WFO against an unknown individual since the fraudsters’ description was found detailed enough to determine who was and wasn’t included in the relevant group.

The alleged theft of £250,000 in Bitcoin from Ion Science Limited and its owner Duncan Johns is the subject of the case.

WFOs have been a more popular technique of combating cross-border crime in recent years, according to the news.

The High Court has frozen nearly £9 billion in assets in the last four years alone.

Courts employ asset freeze orders to prevent suspected offenders from concealing their assets and evading any obligation to recompense their victims.

The ability of UK courts to impose freezing orders that cover assets anywhere in the globe is rare.

The recognition of English law in jurisdictions all over the world allows for these so-called “Mareva injunctions.”

As a result, international plaintiffs are eager to bring their claims to the United Kingdom, where they will have a higher chance of retrieving stolen assets.

According to an examination of legal publications, law firms in London have filed hundreds of WFOs in recent years, with the number of orders also growing. They haven’t always been effective, though.

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