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Tuesday, January 31, 2023

NFT Court Orders Could Become The Norm

According to cryptocurrency attorneys, nonfungible tokens (NFTs) are gaining popularity as a way to reach defendants in crimes using blockchains that would otherwise be impossible.

In situations where persons suspected of committing blockchain crimes could not be reached via conventional communication channels, there has been a surge in lawsuits sent using NFTs over the past year.

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The US legal company The Crypto Lawyers requested that its client be able to serve a defendant via NFT, and in November, the US District Court for the Southern District of Florida approved their request. Unknown to the plaintiff, the defendant was charged with stealing digital money valued at $958,648.41.

NFT Is The New Future 

The judge granted the plaintiff’s motion to serve this defendant via NFT when the plaintiff provided a certification from a cryptocurrency investigator to the court attesting to the stolen cryptocurrency transactions, as it was judged to be a “fairly calculated” method of giving notice.

He pointed out that this approach can be utilized to get in touch with the accused when more conventional approaches like email or mail are impractical because the identity is unknown. A copy of the summons, complaint, and other relevant files and orders are typically included in an NFT court notice, according to Barbara. It will also typically include a hyperlink to the notice’s location on a designated website. 

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While the “wallet may not be used by the defendant,” and as a result, the summons notification may not reach the defendant’s attention, Michael Bacina, a digital asset lawyer at Australian law firm Piper Alderman, asserted that it can significantly reduce activity on the wallet and other wallets that have recently interacted with it.

Bacina proposed stamping the wallet address with a black mark, marking all wallet addresses that have recently transacted with that address as being suspect and perhaps affecting their activity. 

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