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TTL: Blockchain Engineers Owe Fiduciary and Tortious Duties

Cryptocurrency Dec 08, 2022 08:00AM ET
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TTL: Blockchain Engineers Owe Fiduciary and Tortious Duties

  • The U.K. Court of Appeal heard Tulips Trading Ltd’s argument on Wednesday.
  • TTL’s argument prompts the Court of Appeal for a two-hearing on the court’s previous decision.
  • Lady Justice Andrews states that the questions TTL raised were significant.

The U.K. Court of Appeal heard Tupil Trading Limited (TTL), a Seychelles-based company’s argument on Wednesday. TTL argued that blockchain engineers owe fiduciary and tortious duties to those using their network. Notably, this case has the potential to define legal obligations owed by blockchain engineers to users and thereby pave way to regain users’ lost digital assets.

While presenting TTL’s side of the argument, John Wardell KC, a member of the UK Bar Association stated:

The issues raised are of fundamental importance to TTL itself, as it owns substantial assets that it can no longer access, as well as to the financial world generally.

Moreover, Wadell, while presenting his argument, stated that if there was fraudulent activity and if those who lost their asset had proof of ownership, and if the developer is paid handsomely to restore or prevent fraudsters from escaping with assets, then “can it really be said in those circumstances that its inarguable so as to be strikable that they can’t be required to reinstate access?”

Upon hearing TTL’s argument, the U.K. Court of Appeal instigated a two-day hearing to ...

The post TTL: Blockchain Engineers Owe Fiduciary and Tortious Duties appeared first on Coin Edition.

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TTL: Blockchain Engineers Owe Fiduciary and Tortious Duties
 

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