RATE Group | Court Authorizes Crypto Firm to Reclaim 530 ETH Sent to Wrong Address
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Court Authorizes Crypto Firm to Reclaim 530 ETH Sent to Wrong Address

09 Oct Court Authorizes Crypto Firm to Reclaim 530 ETH Sent to Wrong Address

Posted at 00:23h in Cryptocurrency News by

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ethereum cryptocurrency law

The Supreme Court of British Columbia has issued a major ruling in a case stemming from a dispute over ethereum (ETH) tokens mistakenly sent to an initial coin offering (ICO) investor, and it could have implications for cryptocurrency users or exchanges outside of the litigants involved in the case.

The ruling, which was issued by Justice Ronald A. Skolrood on Sept. 12, authorized Singapore-based blockchain startup Copytrack to track down and reclaim approximately 530 ETH that it had mistakenly sent to an investor who participated in its initial coin offering (ICO). At the time, those 530 ETH were valued at approximately $391,000 (CAD$495,000), though they have since declined in value to about $121,000 — still a large sum.

According to documents published by the court, cryptocurrency investor Brian Wall participated in the Copytrack ICO, subscribing to purchase 530 CPY tokens. At the conclusion of the ICO, Copytrack sent Wall 530 tokens, but, much to the company’s…

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