USDT Classified as Distinct Property by UK Court
The High Court of England and Wales has ruled that the stablecoin tether (USDT) is recognized as property under English law. This decision clarifies that while cryptocurrencies are not physical assets.
They are treated similarly to tangible and intangible property in legal matters. The case involved Fabrizio D’Aloia, who claimed to have been defrauded of over £2.5 million in USDT and other cryptocurrencies. The court affirmed that cryptocurrencies like USDT are subject to property rights and can be traced in fraud cases. Though D’Aloia did not provide enough evidence to trace his stolen assets to specific accounts.
This ruling sets a precedent for handling cryptocurrency disputes, emphasizing both the recognition of digital assets as property and the need for robust evidence in tracing them.
Clever Robot News Desk 16th September 2024
