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ARTICLE · 23 FEBRUARY 2016

The Bitcoin Identity Crisis: Currency Or Property?

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The confusion over Bitcoin grows in the latest lawsuit brought in a California bankruptcy court by Trustee Mark Kasolas against Marc Lowe, a former employee of HashFast Technologies LLC.

United StatesLitigation, Mediation & Arbitration
Madiha Zuberi
Madiha Zuberi
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The confusion over Bitcoin grows in the latest lawsuit brought in a California bankruptcy court by Trustee Mark Kasolas against Marc Lowe, a former employee of HashFast Technologies LLC.

The trustee alleges, among other things, that Lowe received from the bankrupt Bitcoin mining company fraudulent transfers which included 3,000 Bitcoin ("BTC") in September 2013, valued at approximately $363,861.

The lawsuit requires the bankruptcy court to determine whether Bitcoin is property or currency—a finding that would provide the total dollar amount recoverable by a bankruptcy trustee. This is an issue of first impression before the bankruptcy court.

The court's definition is significant because if Bitcoin is "currency," the trustee would be entitled to the BTC historical value or the value on the date of transfer, which is $363,861. Alternatively, if Bitcoin is "property," the trustee would be entitled to receive the value of the BTC at the transfer date or time of

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