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1  Bitcoin / Legal / Re: Mt. Gox's creditors can finally claim online for the bitcoin they’re owed on: September 14, 2018, 01:17:51 PM
Whist receiving the monetary value of the btc lost at the time of the Mt Gox collapse will disappoint many creditors, it will of course be a relief that they should now receive the full value of their original loss as opposed to what could have been virtually nothing when Mt Gox initially collapsed and brought the btc price tumbling.  The somewhat ironic outcome of this matter (when there is an eventual pay out) is that Mark Karpeles may end up a very rich man and the excess value after creditors and legal fees are paid may go to him.

This is however the opportunity for all creditors to get on board and claim what is theirs.  Please do not miss out as this will be the final opportunity to claim what is yours.
2  Bitcoin / Legal / Mt. Gox's creditors can finally claim online for the bitcoin they’re owed on: September 06, 2018, 04:58:04 PM
Victims of the failed bitcoin exchange Mt. Gox can now make an online claim for compensation thanks to the civil rehabilitation process sanctioned in June.
3  Bitcoin / Legal / Assistance for distressed users woldwide on: July 30, 2017, 10:16:37 PM
4  Bitcoin / Legal / What are the main Bitcoin scams and how do you protect yourself against them? on: June 06, 2017, 02:45:11 PM
5  Bitcoin / Legal / Re: Smart Contracts - new role for lawyers? on: May 14, 2017, 07:30:11 PM
It’s Time To Break The 5 Most Common Myths About Smart Contracts
6  Bitcoin / Legal / Re: Withdrawing to UK accounts - legal issues on: May 14, 2017, 07:21:20 PM
Have you tried to speak with Lloyds and explain?

Hi there,

I have a significant sum of BTC that I would like to withdraw to my UK Lloyds account. I understand my taxation duties, however, I have read horror stories about accounts being locked due to being connected to crypto exchanges.
Moreover, I would like to buy a property with my savings, which will include the money derived from the BTC withdrawal, which leaves me unclear with regards to money laundering regulations.


- If I proceed with a large withdrawal from a crypto exchange to my Lloyds account, am I incurring the risk of my account being closed? Is there anything I can do to avoid this? I have never done active trading (I have only deposited once from my bank to a crypto exchange) - none the less, would opening a business account help?

- I also have an italian bank account. If I were to sell BTC for EUR on a crypto exchange, transfer them tomy Italian account and then transfer the amount from the italian bank to the UK one using a service such as Transferwise, am I still incurring the risk of my UK account being locked? Will I also expose myself to money laundering regulations?

- Again, about money laundering. As I said previously, I only bought once a small amount of BTC via Kraken some time ago, and by active trading with other cryptos I have now a significant balance..what step should I take to prove to those that will check where the money I intend to use for my purchase came from? Show all the endless list of transactions I made across several exchanges?

I find myself stuck in this limbo, any tip would be hugely appreciated. If you know of any UK financial advisers that could help, pleas link them to me. I contacted already a few, but they could not help.


7  Alternate cryptocurrencies / Altcoin Discussion / How much opportunity do ICOs offer and how do I tell a genuine ICO from a scam? on: May 09, 2017, 12:47:23 PM
In last week’s blog we looked at what an ICO (Initial Coin Offering) is and explored some of the risks associated with investing in a new venture via an ICO.   This week we wanted to balance that viewpoint by looking at some of more positive aspects of the ICO we have experienced from working alongside clients directly involved with Bitcoin and other cryptocurrency and digital currency transactions.

One of the questions we are often asked by client interested in taking part in a potential ICO is whether there are any examples of successful ICOs.  The simple answer is yes, there definitely are.
8  Alternate cryptocurrencies / Altcoin Discussion / Re: What is an ICO and should I get involved? on: May 09, 2017, 12:46:27 PM
Satoshi's novel idea has expanded into a multi billion dollar industry and has the potential to revolutionise the payments system worldwide.  Crypto currency is not exclusive to BTC and I am sure Satoshi was aware of this when his concept was born.

With any industry, there are people seeking to make money fast.  On the flip side, there are people/businesses looking to use the tools available to them at any precise given point in time to assist with their business growth and success.

An ICO, whilst not ideal for every business, certainly does have merits for a business that can embrace the technology and offer investors something different to just the usual 'promise' signed on a piece of paper or shares in a company that may of may not succeed.

For an ICO to succeed, firstly the business must have a purpose for raising funds.  It is pointless having an ICO for the sake of it.  Secondly, the right team must be behind the ICO, from the developers/coders/lawyers/accountants, they all have a part to play in a successful ICO.  A successful ICO will raise capital for the business and will earn money for the investors. 
9  Alternate cryptocurrencies / Altcoin Discussion / What is an ICO and should I get involved? on: May 05, 2017, 12:43:33 PM
You may have noticed increasing coverage of Initial Coin Offerings (ICO ) in the press recently.  You may not, however, be totally clear what an ICO is.

The easiest way to explain it is that it’s a type of crowdfunding that has grown out of the current growth in popularity of Bitcoin and other cryptocurrencies.
10  Bitcoin / Legal / Re: Bitfinex legal obligations to users on: August 03, 2016, 02:20:08 PM
Bitfinex are based in Hong Kong.  Liquidation of a company in HK is set out in the Companies (Winding Up and Miscellaneous Provisions) Ordnance.

Generally, if the company is unable to pay a debt of $10,000 or above.

The stolen/hacked btc is alleged to be worth in the region of $78M USD. If Bitfinex can show that they have enough by way of reserves to cover this amount, they would avoid Liquidation.  If they have insurance against theft (and assuming the insurance covers hacking) then they would avoid Liquidation.

Ultimately, a creditor will have to make an application to the court, after following the correct procedures for Liquidation.  In HK, I do not believe class actions are allowed by the Court.  There has been much debate in HK about class actions and maybe this event will lead the judiciary to accepting a class action system.  For now, that is not an option.

I hope this is not another Mt Gox situation, I truly hope that Bitfinex are somehow covered here but due to the large amounts taken, it is inevitable I believe that many BTC customers of Bitfinex will lose out. 

I hope people will now agree that digital currency exchanges have to be regulated properly in order for trust to grow in the industry.  If proper procedures were in place at Bitfinex, this simply would not have been possible.  Why they had such a huge amount of BTC in hot wallets and not cold storage is no doubt a question that will be asked a million times.
11  Bitcoin / Legal / It’s Time To Break The 5 Most Common Myths About Smart Contracts on: April 29, 2016, 12:18:28 PM
12  Bitcoin / Legal / contracts cannot be enforced in a court of law is supposition on: April 05, 2016, 09:19:57 PM
13  Bitcoin / Legal / Ryan Kennedy accused of raping five women on: February 05, 2016, 01:51:35 PM
14  Bitcoin / Legal / Re: The legal status of Smart Contracts on: January 12, 2016, 08:27:29 PM
Thanks for the example.  If you were to use a smart contract, then Bob would have not have the option not to pay.  A smart contract would be set up so that when the bet was placed, funds would be placed in escrow meaning that the winner of the bet would be paid automatically depending on the weather the next day (as you can appreciate, such a bet would not be ideal for a smart contract because there needs to be an automatic trigger for the contract to execute).

Giving another example - a good use for a smart contract would be between a consumer, a supplier and a delivery company.

The consumer places an order and has funds in escrow.
The supplier sends to the delivery company for delivery
The delivery company delivers and obtains an electronic signature

The signature is the trigger event - it would trigger the payment to the supplier.

I hope this helps.  The thing is, smart contracts, the blockchain, the whole technology is still emerging and being discussed.  There is no real right and wrong use for a smart contract at all.  It is just thinking out how it would work.

Using the example you gave, it would work if there were some kind of electronic sensor/weather station that can trigger the payment to either Alice or Bob depending on the weather at a certain place at a certain time.
15  Bitcoin / Legal / Re: The legal status of Smart Contracts on: January 08, 2016, 02:10:29 PM
It depends wholly on how you want a smart contract to work for your business.  Can you give an example?  Generally, although labelled 'smart contracts', they would not ideally be a contract upon which you would rely if you were to issue court proceedings for breach (for example, terms and conditions).  Any smart contract is agreed, binding and entered into before placing on the blockchain so if you were to be placing your agreed contracts online, the only real benefit would be that the contract is recorded and placed there so it is always available and cannot be lost.
16  Bitcoin / Legal / Bitcoin scam charges made against companies in US on: December 02, 2015, 05:11:15 PM

17  Bitcoin / Legal / London Law Firm Selachii LLP to Digitise Contracts Using Bitcoin Technology on: October 22, 2015, 05:35:27 PM
18  Bitcoin / Press / awaiting format on: September 16, 2015, 06:33:11 PM
***awaiting format***
19  Bitcoin / Legal / Re: legal action against scamming ponzis on: September 08, 2015, 06:26:27 PM
If many people have invested small amounts of bitcoins into a company that was not what the investor was expecting. Could these people get together and take legal action against the company if they could fund the legal fees through amounts smaller than their investments.

Where are you located?

For legal advice / a lawyer in London please email Richard Howlett at Selachii LLP - +44 (0) 20 7792 5649 -
20  Bitcoin / Legal / Why ‘Tokyo court ruling that bitcoin is not subject to ownership’ isn’t as worry on: August 10, 2015, 09:37:04 AM
A few days ago a Japanese court ruled that bitcoins lost through Mt. Gox’s collapse are not subject to ownership on a relevant case. While there’s still some uncertainty surrounding this ruling the reaction that followed is interesting to say the least.
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