In what could represent a landmark legal development for the crypto industry, the US law firm Holland & Knight served on a defendant with a temporary injunction before trial as a non-fungible token (NFT), acting in a legal matter involving his client, the crypto exchange LCX.
For the “first time in history”, “a temporary restraining order (temporary restraining orderTRO) to a defendant had been served via NFT”, according exchange:
“This innovative method of service on an anonymous defendant has been endorsed by the New York Supreme Court and is an example of how innovation can bring legitimacy and transparency to a market that some believe is ungovernable.”
Likewise, Monty MetzgerCEO and Founder of LCXhas tweeted that the court ruling “marks a historic milestone for the blockchain and crypto industry, as a sign of maturity and new transparency.”
In statement, Holland & Knight said the NFT subpoena was created and airmailed to the defendant by the law firm’s asset recovery team. They called it a “service token” or “NFT service”.
The on-chain process, LCX said, can be found on the Ethereum (ETH) blockchain.
The case relates to a stock exchange hack that occurred in January. LCX said in a communicated that the theft resulted in the loss of nearly $8 million in cryptocurrencies, but that approximately 60% of the stolen funds were frozen. The attack targeted one of the exchange’s electronic wallets.
“All other LCX hot wallets and confidential customer data were unaffected in this security incident,” the statement said.
Law enforcement agencies from the United States, Liechtenstein, Ireland and Spain, which took part in an international investigation, tracked the funds laundered by the crypto mixer Tornado Cash and identified the hacker wallets involved.
Some 500 ETH has been frozen under a Liechtenstein court order served by law enforcement in Ireland to Coinbase Europeand an additional USD 1.3 million is frozen by the Consortium Center based on a U.S. court order obtained from the New York Supreme Court, LCX said.
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History: a subpoena issued in the form of an NFT
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