The London Arbitration Court, part of the High Court of England, recognized Bitcoin as property. The decision was made as part of a hearing on the theft of 100 BTC.
According to Decrypt, the preliminary court decision was the first such precedent, and if ratified in the future, it will make it easier for victims of hacking and fraud to file claims for damages.
The decision was made in the case of Liam Robertson, CEO of Alphabit Cryptocurrency Fund, managing $ 195 million. Robertson claimed to have lost $ 1 million in BTC fraud last month. The London Arbitration Court issued an Asset Freeze Order. which ordered Coinbase to temporarily freeze stolen funds. This means that the High Court first recognized Bitcoin as legal property.
At present, according to British law, bitcoin is “data” and not property, which means that it cannot be returned in case of theft. However, Robertson’s lawyers claimed that Bitcoin is his property. Since the theft of his BTC did not entail the transfer of ownership, Robertson still “owned” the stolen coins, lawyers said.
Robertson’s lawyer Marc Jones (Marc Jones) said that such a court decision creates a legal precedent.