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UK High Court Judge: Cryptocurrency Exchanges Must Reveal Information Linked to Alleged Thieves

A UK high court judge has ordered half a dozen cryptocurrency exchanges to divulge the identities of account holders allegedly linked to a 2020 cryptocurrency heist. The incident involved the theft of what was worth at the time $10.7 million in digital assets. In his ruling, High Court Justice Christopher Butcher said the exchanges must disclose the status of stolen funds, bank account and payment card information, bank statements, and “know your customer” details.

Note

  • This is just another issue in a long list of issues that point out most virtual “currencies” don’t meet the definition of what it takes to be called a currency. It is kind of like the difference between a bottle of miracle pills and actual medicine.
  • As Crypto continues to become “mainstream” disclosures and other regulatory practices from the banking industry are needed to protect the “average” consumer, particularly when they are seeking lost funds. This ruling leverages a UK update to civil procedure law from October 2022 which streamlined information disclosure against foreign entities, in fraud cases, where they are intended to be prosecuted in English or Welsh courts.

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