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ARTICLE · 09 OCTOBER 2024

Lessons For Crypto Exchanges From The First Full Crypto Fraud Trial

Macfarlanes LLP
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Fabrizio D'Aloia's case against "persons unknown" has been making legal headlines for some time, with interim hearings addressing a number of new points of law.

United KingdomTechnology
Nikolas Ireland
Nikolas Ireland
Luke Chinniah
Luke Chinniah
Madeleine Brown
Madeleine Brown

Fabrizio D'Aloia's case against "persons unknown" has been making legal headlines for some time, with interim hearings addressing a number of new points of law. His claim proceeded to full trial earlier this year, and on 12 September 2024 judgment was handed down by the High Court (although not in Mr D'Aloia's favour).

What happened?

The case centred around Mr D'Aloia and his efforts to recover a large sum of the cryptocurrency, Tether (USDT), of which he says he was defrauded. Attempts were made to recover those sums from exchanges and allegations around the way in which those exchanges were operated were considered.

Mr D'Aloia was a successful businessman. In 2021 he was looking for investment opportunities to put to work the profits he had made through his enterprise. He opened an online trading account with a company called "td-finan" and began to transfer cryptocurrency to wallets associated with that account.

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