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ARTICLE · 07 OCTOBER 2024

Giambrone And Partners Leading Case Against Cryptocurrency Fraud

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The D'Aloia v. Persons Unknown and Others case confirmed cryptocurrency as property under English law and criticized Bitkub for lax AML policies. The ruling emphasizes the need for strict compliance in crypto exchanges and highlights challenges in tracing stolen digital asset

United KingdomTechnology
Joanna Bailey
Joanna Bailey
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The emergence and rise of cryptocurrency fraud has led to a number of individuals being defrauded of extremely large amounts of money, which, in turn, has resulted in complicated legal cases. Whilst cryptocurrency is yet to be comprehensively regulated at the global level, it is expected that established cryptocurrency exchanges follow robust KYC and AML policies to prevent their facilities from being used as a vehicle for fraudulent schemes.

Deputy Judge Farnhill's judgment in D'Aloia v. Persons Unknown and Others, handed down on 12 September 2024, made a series of key findings in relation to the English Court's approach to cryptocurrency claims. Giambrone and Partners' client, Fabrizio D'Aloia, was induced to pass USDT, a stablecoin known as Tether, and USDC to the value of £2.5 million into the hands of fraudsters through the blockchain into various wallets. Once our client recognised he had been defrauded immediately took steps to retrieve his stolen

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