He further noticed that the system logs had been erased, along with the encrypted files in which he kept his private keys. This comment focuses on the Court’s treatment of the claimant’s allegation that the defendants were in breach of the common-law tort of fiduciary duty and thereby liable for the loss of the claimant’s digital currency as a result of the alleged hack.ĭr Wright explained that, on 8 February 2020, he accessed his wallet and noticed transactions that neither he nor his wife had actioned, and which had occurred a few days before. The decision deals with several procedural applications made by the Parties. This is a ground-breaking development for the blockchain and cryptocurrency community that provides important insight into the application of English law to the digital economy. TTL sought to hold the networks and their core developers accountable, notably on the basis that they owed users a fiduciary duty to counter the effects of the hack and allow Dr Wright access to his assets. On 25 March 2022, as reported inter alia by Bird & Bird who acted for the successful defendants, the High Court of Justice in England (hereinafter the “High Court” or “Court”) rendered its eagerly-awaited judgment in the dispute between Tulip Trading Limited v Bitcoin Association & others.Īn alleged hack had prevented Tulip Trading Limited (“TTL”), or more precisely its CEO, Dr Craig Wright, from accessing over a million dollars’ worth of digital currency assets held at two addresses within the relevant networks (the “Networks”).
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