First Ever Crypto Asset Injunction Issued By Gibraltar Courts.

Miracle World Ventures Limited, a company incorporated in the British Virgin Islands ('BVI'), went into liquidation on the 10th of March 2023 under section 159(2) of the BVI Insolvency Act 2003. 

Miracle World was a crypto exchange operating as “Globix” or “Globix Cash”, with investors in Gibraltar and the United Kingdom, amongst other places.

The BVI liquidation was recognised in Gibraltar pursuant to the Insolvency (Cross Border) Regulation 2014, and the Court granted several injunctions and disclosure orders against various parties including persons unknown.

The application was brought by Adrian Hyde, Joanne Wild, and Brian Simpson, all from Begbies Traynor Group, applying in their capacity as joint liquidators of Miracle World at a hearing held on the 29th of March 2023. 

The Applicants were represented in the matter by Daniel Feetham KC and Darren Martinez, assisted by Isabella Lombard and Nikhil Nagrani of Hassans. 

It is believed that this is the first time an injunction in relation to crypto assets has been made in Gibraltar, with the Court having to grapple with the lex situs of crypto assets.

The return date is due to take place on the 13th April 2023.