Boonyaem v Pesons Unknown Category A & Ors [2023] EWHC 3180 (Comm) (14 December 2023)

Boonyaem v Pesons Unknown Category A & Ors [2023] EWHC 3180 (Comm) (14 December 2023)

USDT is property capable of being subject to proprietary claims and tracing under English law. The claimant is entitled to summary judgment for proprietary relief against the second and third defendants (wallet holders and INGFX Limited), but not against the first defendants (Persons Unknown Category A) who are not sufficiently identified. Proprietary and non-proprietary freezing injunctions are continued against the second and third defendants. Disclosure orders are repeated. Costs are awarded to the claimant.

Citation
[2023] EWHC 3180 (Comm)
Parties
Claimant: Tippawan Boonyaem; Defendant: Persons Unknown Category (A); Defendant: Persons Unknown Category (B); Defendant: INGFX Limited
Jurisdiction
England and Wales
Judgment Date
14 December 2023
Procedural Posture
Commercial Court Claim (fraud, Proprietary Relief) / Summary Judgment Application
Outcome
Summary judgment granted in part for proprietary relief against second and third defendants; application for damages and other relief adjourned; costs awarded to claimant.
Legal Topics
Constructive Trust, Proprietary Injunction, Freezing Injunction, Persons Unknown Defendants, Tracing, Disclosure Orders, Service Out of Jurisdiction
Commercial Law Fraud Equity Cryptocurrency Law Constructive Trust Proprietary Injunction Freezing Injunction Persons Unknown Defendants +3 more

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Parties

Tippawan Boonyaem

Claimant

Persons Unknown Category (A)

Defendant

Persons Unknown Category (B)

Defendant

INGFX Limited

Defendant

Procedural Posture

Commercial Court Claim (fraud, Proprietary Relief) / Summary Judgment Application

Legal Issues

  1. 1 Whether USDT (Tether Tokens) are property under English law and subject to proprietary claims
  2. 2 Whether summary judgment should be granted against persons unknown and INGFX Limited for proprietary relief
  3. 3 Whether proprietary and non-proprietary freezing injunctions should be continued

Ratio Decidendi

USDT is property capable of being subject to proprietary claims and tracing under English law. The claimant is entitled to summary judgment for proprietary relief against the second and third defendants (wallet holders and INGFX Limited), but not against the first defendants (Persons Unknown Category A) who are not sufficiently identified. Proprietary and non-proprietary freezing injunctions are continued against the second and third defendants. Disclosure orders are repeated. Costs are awarded to the claimant.

Court Disposition

Summary judgment granted in part for proprietary relief against second and third defendants; application for damages and other relief adjourned; costs awarded to claimant.

Orders

  • Declaration that USDT at specified wallet addresses are claimant's property
  • Order for delivery up of USDT to claimant's order