31 Mar 2023
RE GATECOIN LTD (in liquidation)
- Citation
- [2023] HKCFI 914
- Court
- Court of First Instance
- Case number
- HCCW18/2019
The 2018 T&C applied to all customers except any proven non‑consenting customers; the 2018 T&C disclaims fiduciary obligations and, viewed with objective facts (pooled wallets, Gatecoin's use of assets, accounting treatment), the court held Gatecoin did not hold cryptocurrencies or fiat on trust for customers (except possible non‑consenting customers). The court held that cryptocurrencies are property capable of being held on trust and that the balances recorded to BlueFire were assets of Gatecoin.