The High Court of England and Wales has given the UK law firm – Giambrone & Partners and Fabrizo D’Aloia (owner of Microgame) the approval to serve lawsuits against some centralized exchanges, using NFT technology.
Non Fungible Tokens (NFT) have been widely utilized by users as it gives anyone the ability to create and store digital properties like music, art, ebooks, certificate, etc on the blockchain. Considering its rise in fame and adoption; it is only wise that legal bodies should start adopting the future technology.
The founder of the Italian-based online gambling company claimed that he deposited about 2.1 million $USDT and 230,000 $USDC into two crypto wallets (which turned out to be unscrupulous) via an online brokerage.
With the go–ahead given, D’Aloia can airdrop the lawsuit document as an NFT into the two wallets that were originally his before they were hijacked by anonymous fraudsters. While this only exists in the UK and US; more countries would be expected to adopt this procedure as it gives victims of crypto fraud the opportunity to easily file lawsuits against crypto scammers.
“I am confident that this latest judgement using NFT service has the potential to show the way to digital service over the blockchain with all the benefits of immutability and authentication, becoming the usual practice in the future of legal matters related to the digital world”. – Demetri Bezaintes; Giambrone & Partners associate.
Binance Holdings, Poloniex, Gate.io, OKX and Bitkub have been identified and confirmed to be holding D’Aloia crypto, and as such; the court has stated that these exchanges are responsible for ensuring that those crypto assets are not withdrawn from their platforms.
UK is not the first or only country to adopt this. In June, the US court authorized Holland & Knight law firm with the right to serve a defendant via NFT in a case involving $8 million and crypto exchange; LCX.