LMN v Bitflyer Holdings Inc & Ors

LMN v Bitflyer Holdings Inc & Ors

The court granted information orders against the defendant exchanges under Bankers Trust and Norwich Pharmacal principles, finding a good arguable case for relief, proper jurisdiction, and appropriate forum, with tailored confidentiality and collateral use undertakings, and permitted service out of jurisdiction and by alternative means.

Parties
Claimant: LMN; Defendant: Bitflyer Holdings Inc.; Defendant: Binance Holdings Limited; Defendant: Payward Inc; Defendant: Luno Pte Ltd; Defendant: Coinbase Inc; Defendant: Huobi Global Limited; Defendant: Luno (Pty) Ltd; Defendant: Persons Unknown (Binance); Defendant: Persons Unknown (Bitflyer); Defendant: Persons Unknown (Kraken); Defendant: Persons Unknown (Luno); Defendant: Persons Unknown (Huobi)
Jurisdiction
England and Wales
Judgment Date
29 November 2022
Procedural Posture
Civil / Interlocutory Application for Information Orders
Outcome
Information orders granted; permission for service out of jurisdiction and by alternative means; confidentiality and collateral use undertakings imposed.
Legal Topics
Norwich Pharmacal Orders, Bankers Trust Orders, Disclosure, Jurisdiction, Service Out of Jurisdiction, Alternative Service, Constructive Trust, Tracing Assets
Civil Procedure Equity Fraud Cryptocurrency Norwich Pharmacal Orders Bankers Trust Orders Disclosure Jurisdiction +4 more

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Parties

LMN

Claimant

Bitflyer Holdings Inc.

Defendant

Binance Holdings Limited

Defendant

Payward Inc

Defendant

Luno Pte Ltd

Defendant

Coinbase Inc

Defendant

Huobi Global Limited

Defendant

Luno (Pty) Ltd

Defendant

Persons Unknown (Binance)

Defendant

Persons Unknown (Bitflyer)

Defendant

Persons Unknown (Kraken)

Defendant

Persons Unknown (Luno)

Defendant

Persons Unknown (Huobi)

Defendant

Procedural Posture

Civil / Interlocutory Application for Information Orders

Legal Issues

  1. 1 Whether the court should grant information orders against cryptocurrency exchanges to assist in tracing misappropriated assets
  2. 2 Whether service out of jurisdiction and alternative service should be permitted
  3. 3 Whether Bankers Trust and Norwich Pharmacal relief is available in the context of cryptocurrency fraud

Ratio Decidendi

The court granted information orders against the defendant exchanges under Bankers Trust and Norwich Pharmacal principles, finding a good arguable case for relief, proper jurisdiction, and appropriate forum, with tailored confidentiality and collateral use undertakings, and permitted service out of jurisdiction and by alternative means.

Court Disposition

Information orders granted; permission for service out of jurisdiction and by alternative means; confidentiality and collateral use undertakings imposed.

Orders

  • Defendants to provide specified KYC and account information relating to recipient addresses of misappropriated cryptocurrency.
  • Claimant to give undertakings as to expenses, damages, and collateral use.