UK: HIGH COURT FINDS NO DUTY OF CARE FROM BITCOIN DEVELOPERS TO OWNERS

On 7 April, an article from Out-Law reported on the decision of the High Court in a case involving Tulip Trading Limited (TTL), a Seychelles-based company that lost ‘private keys’ to access more than £3 billion in bitcoins in a 2020 hack.  The Court found that blockchain developers have no legal obligation to help owners of lost or stolen bitcoin regain control of their digital assets.

https://www.pinsentmasons.com/out-law/news/high-court-finds-no-duty-of-care-from-bitcoin-developers-to-owners#:~:text=High%20Court%20finds%20no%20duty%20of%20care%20from%20bitcoin%20developers%20to%20owners,-Out%2DLaw%20News&text=The%20High%20Court%20in%20England,control%20of%20their%20digital%20assets.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017