A Thai estate agent has won summary judgment in the English courts against 'persons unknown' crypto currency fraudsters in the latest ruling establishing the common law's ability to treat digital assets as property. 

In Tippawan Boonyaem v Persons Unknown, Richard Salter KC, sitting as a judge in the High Court, said he had been persuaded to pass judgments against two out of three categories of defendants in the claim, which followed an investment scam apparently involving a UK-registered company. None of the three defendants has acknowledged service or filed a defence, the court heard. 

The judge said he was satisfied that the claimant, Tippawan Boonyaem, 'has been the victim of a fraudulent scheme to deprive her of her [stablecoin crypto currency].'

Giving summary judgment against the second and third defendants, the judge observed that there remains 'controversy in some academic circles' over whether digital assets can be regarded as proprerty under the law of England and Wales. However 'It seems to me that it would be a reproach to the common law were it not to demonstrate sufficient resource and flexibility to afford a remedy to persons in the position of the claimant.'

The judge also assessed the claimant's costs at £70,000 and ordered the second and third defendants to pay that sum within 14 days. But, with a nod to Henry Longfellow's 'The Day is Done', the judge noted that the fraudsters had 'folded their tents and silently stolen away'.

Celso De Azevedo, instructed by Giambrone & Partners, appeared for Boonyaem; the defendants did not appear and were not represented.

 

This article is now closed for comment.