Tippawan Boonyaem v Persons Unknown Category (A) & Ors

Tippawan Boonyaem v Persons Unknown Category (A) & Ors

The claimant is entitled to summary judgment for proprietary recovery of traceable USDT against the second and third defendants, as the evidence of fraud is uncontradicted, the assets are traceable, and the law recognises cryptoassets as property. Judgment cannot be entered against the first defendants (Persons Unknown Category A) as they are not sufficiently identified. Proprietary and non-proprietary injunctions are continued against the second and third defendants. Costs are awarded to the claimant.

Parties
Claimant: Tippawan Boonyaem; Defendant: Persons Unknown Category (A); Defendant: Persons Unknown Category (B); Defendant: INGFX Limited
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil (commercial Fraud / Cryptoasset Recovery) / Summary Judgment Application
Outcome
Summary judgment granted in part; proprietary claim allowed against second and third defendants; application for damages adjourned; costs awarded to claimant.
Legal Topics
Cryptoassets as Property, Constructive Trust, Tracing, Persons Unknown Jurisdiction, Freezing Injunctions, Disclosure Orders, Service Out of Jurisdiction
Civil Procedure Equity and Trusts Fraud Property Law Cryptoassets as Property Constructive Trust Tracing Persons Unknown Jurisdiction +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

Civil (commercial Fraud / Cryptoasset Recovery) / Summary Judgment Application

Legal Issues

  1. 1 Whether USDT (Tether tokens) are property recoverable in equity
  2. 2 Whether summary judgment should be granted against persons unknown and INGFX Limited
  3. 3 Whether proprietary and non-proprietary freezing injunctions should be continued

Ratio Decidendi

The claimant is entitled to summary judgment for proprietary recovery of traceable USDT against the second and third defendants, as the evidence of fraud is uncontradicted, the assets are traceable, and the law recognises cryptoassets as property. Judgment cannot be entered against the first defendants (Persons Unknown Category A) as they are not sufficiently identified. Proprietary and non-proprietary injunctions are continued against the second and third defendants. Costs are awarded to the claimant.

Court Disposition

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

Orders

  • Declaration that USDT at specified wallet addresses are the claimant's property and must be delivered up to her order by the second and third defendants.
  • Continuation of proprietary injunction against second and third defendants until satisfaction of judgment or further order.