The UK government has been ordered to pay a computer programmer, who lost his case in the High Court this week after being denied legal aid. The ruling shows that players and developers are able to use NFTs as evidence for their claims at law.

The “nft crypto news today” is an NFT that was created after the High Court Ruling. The NFT has been delivered to the claimant’s address and can be redeemed by them.

In a recent case heard by the High Court in London, England, the court decided that the plaintiff might airdrop the notice as an NFT into the plaintiff’s stolen digital wallet in order to serve the defendant. The decision offers the use of a digital option for serving lawsuits, creating a new legal precedent.

UK law firm Giambrone & Partners brought the case on behalf of their client, Fabrizio D’Aloia against crypto trading platforms Binance Holdings, Poloniex, OKX, and Bitkub.

In the lawsuit, it is claimed that unidentified individuals built fake online brokerage websites, which led to the alleged theft of Mr. D’Aloia’s two digital wallets.

The UK Court has established a new legal precedent.

The use of blockchain technology to deliver an NFT containing legal court papers advising the receiver that they face a legal problem is now permitted for the first time in England and Wales by the High Courts judgment, and this practice will surely grow.

The ruling modifies the UK’s civil process laws. Before, lawsuits had to be served in person or by letter to a physical address.

It is also possible to communicate electronically, although this normally requires both parties’ prior approval. Previously, lawsuits have been sent through fax machines, Facebook, Instagram, and online contact forms.

Following the High Court’s ruling, blockchain is now an additional electronic method for delivering legal papers pertaining to cryptocurrencies and NFTs.

The UK court judgment also recognised the cryptocurrency exchanges’ role as Trustees of your digital assets. They must thus safeguard your cryptocurrency.

The New York Supreme Court’s decision to permit notice of proceedings through NFT was followed by this judgment. In the NY case, a restraining order was sent to an anonymous hacker via an NFT.

Crypto and NFT fraud on the riseThank you FTC websites

NFT and crypto asset fraud are on the increase

The new court rulings might aid in the fight against the non-fungible token and cryptocurrency fraud that is still on the increase. Anything that stops or lessens losses to scumbags is appreciated given the massive increase in fraud in the cryptocurrency industry and demands for regulation.

Scams involving cryptocurrency assets have significantly increased during the last year. Over 46,000 consumers reported losing more than $680 million to cryptocurrency scams in 2021, according to the FTC. While there were $329 million in losses during the first quarter of 2022.

The overwhelming bulk of cryptocurrency fraud involves phony investment opportunities with high rewards.

Joanna Bailey, head of banking and financial fraud litigation at Giambrone & Partners stated.

“obtaining this judgment is incredibly important and has opened up the possibility of helping many more of our victimized clients to recover their money lost to cryptocurrency fraud,” the plaintiffs’ attorney said.

Utilizing NFTs to Serve Process

The most recent UK judgement, which permits lawsuits to be served through an NFT, is a step toward reducing fraud in an area where con artists believe they may operate freely.

Giambrone associate Dmitri Beziantes says,

“I am confident that this most recent judgment using NFT service has the potential to pave the way for digital service over the blockchain, with all the advantages of immutability and authentication, to become the standard procedure in the future on legal matters related to the digital world,” the author asserts.

We can start to reverse the tide against dishonest persons that appear to plague the crypto industry and want to steal your money if he is correct, therefore let’s hope he is.

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The “what is nft art” is a lawsuit that was delivered via NFT after the High Court ruled in the case. The plaintiff, who lost her job due to sexual harassment from a senior colleague, requested damages of £5m.

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