The question of whether developers of cryptocurrencies and other blockchain-based assets owe a duty of care to investors in their products is to be examined in the Court of Appeal. Ruling last week in Tulip Trading v Van der Laan and Ors, Lady Justice Andrews granted permission for a Seychelles company owned by Dr Craig Wright, who claims to have invented the bitcoin digital currency to appeal a judgment by Mrs Justice Falk of 25 March denying jurisdiction over a claim for breach of fiduciary and tortious duties.
The company, Tulip Trading Ltd, is seeking to bring proceedings in the High Court that would require 16 bitcoin developers based around the world to write software ‘patches’ to enable the recovery of assets worth more than 1bn stolen in a 2020 hack on Wright's computers. The March judgment dismissed the claim that the developers owe any continuing fiduciary duty to users of their open-source software.
However in granting the appeal, Lady Justice Andrews said: 'The issue as...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...