Key Methods To Trace And Recover Digital Assets Under Bermuda Law

This article gives an introduction to the legal position as well as the procedures that can be undertaken through the Bermuda court in order to trace and recover stolen digital assets, digital assets acquired with stolen funds and digital assets that have fraudulently been sold.

1. WHAT ARE DIGITAL ASSETS?

The Official Bermuda Definition

The definition of "digital asset" under Bermuda's Digital Asset Business Act 2018 ("DABA") is:

"anything that exists in binary format and comes with the right to use it and includes a digital representation of value that –

(a) is used as a medium of exchange, unit of account, or store of value and is not legal tender...

(b) is intended to represent assets...;