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High Court confirms cryptocurrency is property, grants proprietary injunction and protective orders. By Danielle Carr, Partner, Rosenblatt

31st January 2020

Danielle Carr, Partner in Dispute Resolution, explores a significant recent decision concerning cryptoassets and cyberattacks (AA v Persons Unknown).

In granting an interim proprietary injunction further to a cyberattack and payment of ransom in Bitcoin, the High Court embraced the UK Jurisdictional Task Force (UKJT) Legal Statement on Cryptoassets and Smart Contracts and, importantly, confirmed that cryptoassets are property. The interim injunction was also supported by ancillary orders intended to better police and protect it, including orders: (i) for a private hearing; (ii) preservation of the applicant’s anonymity (given the risk of further cyberattacks); (iii) to identify those responsible and now holding the Bitcoin; and (iv) for alternative service given the urgency and to seek to preserve the Bitcoin. The case exemplifies the court’s responsiveness in granting urgent relief and ancillary orders in respect of sophisticated cyber incidents in an increasingly complex FinTech landscape. See the full article, attached.

Danielle Carr is on LexisPSL’s Expert Panel of case analysis authors. The attached article was first published by Lexis®PSL on 28/01/2020.

This article is provided for information purposes only and does not constitute legal advice. If you would like any further information, please contact Danielle Carr by email at danielle.carr@rosenblatt-law.co.uk or by telephone on 02079550880.