Matt Green
September 2024
Head of Blockchain and Digital Assets, Matt Green, comments on the recent case of D’Aloia v Persons Unknown and Others and discusses how this case will impact future cases involving the recovery of stolen or hacked cryptocurrency.
Matt’s comments were published in Law360, CDR Magazine, CoinTelegraph and CoinLive.
“This is a lesson for all blockchain analytic report providers to ensure evidence is articulated and evidenced in the clearest terms. It is vital that legal teams understand the fact patterns carefully in order to advance proprietary claims and ensure mixing issues are dealt with accordingly. Legal teams need to scrutinise evidence, using experience and knowledge of blockchain technology and movements of funds, in order to ensure cases are put forward properly.
“The heads of case need to be carefully considered with an understanding of how purported organised criminal gangs may operate, and the potential mixing processes at play.
“As a strategy, it is always best to follow the funds and then seek to work cooperatively with exchanges who can play vital roles in assisting asset recovery.
“This is an unfortunate outcome if the relevant purported money mule Defendants are indeed laundering money, but the team failed to evidence it to the Court’s satisfaction. Hopefully, there will be more positive open judgements that show that the cryptoasset recovery process is real and effective, when done right.
“The targets should be those who receive the funds – in this instance it appears as though the Claimant was pursuing the wrong parties.”
