Canadian Judge rules on ICO tokens hacked from an investor who then died

08 Oct, 2018
by Arthur Sillers
Canadian Judge rules on ICO tokens hacked from an investor who then died

According to CCN The Supreme Court of British Columbia has come to a decision which might set a precedent for legal recourse in the crypto space, concluding a fairly complicated legal case.

The incident in question occurred when an investor, Brian Wall, bought in to Copytrack’s ICO, yet another insignificant ICO launched into an overbloated cryptospace, except that Copytrack accidentally sent Wall 530 ETH, instead of 530 of their own token, CPY, which at the time was valued at only a fraction of what ETH sold for.

Wall attempted to hold on to the coins, refusing to give them back just because they asked nicely, but eventually relented and agreed- except that a hacker had apparently gotten in to his wallet and stole them.

And then Wall died.

The Judge presiding over the case decreed:

“An order that Copytrack be entitled to trace and recover the 529.8273791 Ether Tokens received by Wall from Copytrack on 15 February 2018 in whatsoever hands those Ether Tokens may currently be held.”

This case decision may have some interesting ramifications, though the specific circumstances surrounding the case limit what we can predict about the way Canada will litigate and attempt to enforce crypto as ‘goods’ or ‘property.’ Its not quite clear if Wall had not agreed to return the ETH before dying if the court would give Copytrack the go-ahead, for example. Its not totally clear if Wall had held out on his decision to return the tokens, if the courts would have allowed Copytrack to attempt to reseize their ETH either.

Nonetheless, this is a benchmark for the legal status of crypto becoming more akin to traditional assets not just in Canada but many jurisdictions, gaining both the oversight and the protections that the classification entail.

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