As uncertainty over the legal status of cryptocurrencies continues, the UK Supreme Court has made a groundbreaking decision regarding Tether (USDT).
This is the first decision following a full trial in English law on the status of cryptocurrencies.
According to Coindesk, the UK High Court ruled that Tether (USDT) is property under British law.
“USDT has property rights under English law,” said Associate Justice Richard Farnhill in his ruling. The judge also added that USDT is traceable and can constitute trust property like any other property.
The lawsuit in question was filed by Fabrizio D’Aloia, who claims he was the victim of a cryptocurrency scam. In the lawsuit, Fabrizio D’Aloia claims that his 2.5 million pounds ($3.3 million) worth of USDT was stolen, laundered through various exchanges and mixers, and sent to a specific wallet on the Thai exchange BitKub.
Despite acknowledging the fraud, the court stated that there was insufficient evidence to establish that the victim's USDT was sent to a specific wallet on the Thai exchange BitKub due to the use of mixers.
*This is not investment advice.
