Contact Us

+350 20079000

This data will only be used by Hassans for processing your query and for no other purpose. View our privacy policy
| 1 minute read

New York Supreme Court: Approves Court Notice Served Via NFT - LCX AG V John Does 1-2

LCX a FinTech cryptocurrency exchange company in Liechtenstein was hacked for almost $8 million in cryptoassets. The Defendant in question (who is remaining anonymous), is a hacker involved in the heist of hot wallets.

Holland & Knight (LCX representatives), minted the court paperwork into a Non-Fungible Token (NFT), which they refer to as a 'service token'. The method used to serve the Defendant via NFT had the approval and the support of the New York Supreme Court. The Defendant's wallet address was uncovered via "algorithmic forensic analysis". The token was minted on the Ethereum blockchain and then sent to the Defendants wallet address. 

The Defendant  was served by LCX's representatives with a temporary restraining order that was issued on chain using an ERC-721 NFT. Copies of the order and legal paperwork were linked on the token, as well as a mechanism to track the visitor upon being clicked. 

What does the future hold for NFT's in legal proceedings?

The recent approval of NFT use in legal proceedings, could suggest that this will soon become the norm. Experts are of the view that there are more innovative ways to use NFT's in legal proceedings, on the other hand, others believe that NFT's are currently ungovernable. It will be interesting to see whether the Courts of England and Wales, will take the same approach, when considering applications for service by alternative means.

Like all NFT's, the token is now a part of the blockchain - Click here to view.

LCX stated "it is an example of how innovation can provide legitimacy and transparency to a market that some believe is ungovernable"

Top-ranked in all practice areas in Legal 500 EMEA 2024

Hassans is pleased to announce that it has once again achieved top tier rankings in all areas covered by Legal 500 EMEA for Gibraltar....

Posted on
Read more

Latest Insights

Going Green to Strike Gold

Abu Dhabi conglomerate IHC's change in strategy (in purchasing mining concessions as opposed to funding established operators in exchange...

Posted on
Read more

Streamline Your Payroll Operations

Navigating the complexities of payroll management in Gibraltar can be challenging and time consuming, leading many business owners to...

Posted on
Read more

Gibraltar Young Enterprise ’24 Winner Announced

Hassans' Partner Andrew Montegriffo was one of three judges on the panel at this year’s Young Enterprise Gibraltar Finals, at which Vital...

Posted on
Read more