UK Supreme Court Recognizes Tether (USDT) as Property

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Case Context
  2. Court's Ruling
  3. Implications and Consequences


    4. The UK Supreme Court has taken a significant step in the legal regulation of cryptocurrencies by making a landmark decision regarding Tether (USDT).

    Case Context

    The case involved a lawsuit filed by Fabrizio D'Aloia, who claimed to be the victim of a cryptocurrency scam. He alleged that 2.5 million pounds ($3.3 million) worth of Tether (USDT) was stolen, laundered through various exchanges and mixers, and sent to a specific wallet on the Thai exchange BitKub.

    Court's Ruling

    The UK High Court ruled that Tether (USDT) is property under British law. "USDT has property rights under English law," said Judge Richard Farnhill in his ruling. The judge also added that USDT is traceable and can constitute trust property like any other property.

    "USDT has property rights under English law,"Richard Farnhill

    Implications and Consequences

    Despite acknowledging the fraud, the court stated that there was insufficient evidence to establish that the stolen funds were sent to a specific wallet on the BitKub exchange due to the use of mixers. This decision will have significant implications for the future legal regulation of cryptocurrencies in the UK.

    The recognition of Tether (USDT) as property by a UK court opens new horizons for the legal regulation of cryptocurrencies in the country. This decision will greatly influence future legal proceedings and the legal recognition of crypto-assets.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

MEXC's Derivatives Trading Volume Reaches New Heights in Q3 2026

MEXC's derivatives trading volume reached 963 billion in Q3 2026, ranking fourth among exchanges.

user avatarEmily Carter

Sui Foundation Discusses Programmable Transaction Documentation

Sui Foundation discusses the benefits of programmable transaction documentation for executing multiple commands in financial workflows.

user avatarLi Weicheng

Bitcoin White Paper Celebrates Eighteenth Anniversary

On October 31, 2023, the Bitcoin white paper, originally introduced by Satoshi Nakamoto, celebrates its eighteenth anniversary, outlining a system to verify payment history without a central ledger.

user avatarLucas Weissmann

MEXC Celebrates Bitcoin Whitepaper Day with New Campaign

MEXC celebrates the 18th anniversary of the Bitcoin whitepaper with a campaign aimed at fostering community dialogue and exploring new financial opportunities.

user avatarFilippo Romano

MEXC Ranks Second in Commodity Perpetuals Trading Volume in Q3 2026

MEXC ranked second in commodity perpetuals trading volume in Q3 2026, capturing a 17.43% market share.

user avatarTomas Novak

Bitcoin ETF Withdrawals Signal Caution Among Investors

Bitcoin ETF withdrawals on October 30 signal growing caution among investors amid security concerns and market volatility.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.