The new development in connection with the service of legal documents arising from Giambrone & Partners landmark High Court case D'Aloia v. Persons Unknown changes the face of future litigation in contentious cyber disputes.
Increasingly, organisations from small companies to big conglomerates are accepting payment in cryptocurrency, primarily Bitcoin, the first cryptocurrency to appear in 2009. Some of the major organisations that accept payment in cryptocurrency include Microsoft, AT&T and Shopify. No less an establishment as Sotheby's announced that Bitcoin and Ether would be accepted as payment in the auction of a work of art by Banksy. In order to trade using cryptocurrency, a company must have a wallet that is protected by cryptography.
Demetri Bezaintes, an associate, points out that "regardless of the undeniable volatility in the crypto market, it has many advantages; the use of cryptocurrency in commerce is becoming more popular and will steadily be accepted as a form of payment across global markets" Demetri further commented," there will inevitably be disputes. The High Court's acceptance of service of documents via NFT via blockchain will be central to litigation, particularly where there are anonymous defendants holding crypto assets."
There are key changes that the new law relating to service of legal documents through NFT has advanced, one of which is the ability to serve court documents on a person or persons unknown and be absolutely confident that, where ever the party or parties are situated globally, there is no doubt that defendant will be served.
In cases of fraud, should a freezing order, (designed to freeze the assets of the defendant) be considered the best choice to address a particular matter; regardless of whether the defendant chooses to ignore the service, and the assets cannot be transferred as the blockchain exchange has a responsibility as a constructive trustee to ensure that the assets remain in place until the court grants an order.
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