Precedent-Setting Digital Currency Recovery Case
Categories: Banking & Finance, Dispute Resolution, Hi-Tech
A precedent-setting case has shown how recovering stolen digital assets may now be even easier than traditional asset recovery. Kobre & Kim’s Benjamin Sauter, who took part in that case, spoke with Forkast News about the case’s impact on the wider industry.
In the case, Dooga, a UK digital currency exchange then known as Cubits, lost US $32 million in a cryptocurrency fraud. However, Sauter and his team were able to get Dooga’s UK bankruptcy proceeding recognized in the U.S. through Chapter 15, setting a precedent for the recovery of digital assets in foreign jurisdictions, all the while showing how much quicker it was to trace and recover digital assets compared with traditional assets.
