02 May 2023

Defending decentralisation

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We follow up on our previous article 'Cryptocurrency fraud – Remedies – Cryptocurrency as property' (where we covered the incremental approach taken by the Courts in multiple jurisdictions recognising cryptocurrencies as property) to cover how we may assist you if your cryptocurrencies were stolen from you, or where a hot wallet service provider refuses to allow you to withdraw your cryptocurrencies.

As the aphorism goes "not your keys, not your coins". For good or for worse, this key concept of decentralisation underpins the dangers in placing or staking your cryptocurrencies in cryptocurrency exchanges or offchain centralised wallets to, amongst others, earn interest. Despite the decentralised nature of cryptocurrencies, can a centralised authority like the Courts assist you to recover your cryptocurrencies from cryptocurrency exchanges or rogue providers of wallet services?

We explore these questions here.

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KEY CONTACT

Lauren Tang

Lauren Tang
Managing partner at Virtus Law

T:  +65 6835 8664 M:  Email Lauren | Vcard Office:  Singapore

Yi Lei Tan

Yi Lei Tan
Associate at Virtus Law

T:  +65 6661 6527 M:  +65 9800 6288 Email Yi Lei | Vcard Office:  Singapore

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