Liu v Aux Cayes Fintech Co. Ltd (MA 406 of 2023 (Arising in CS 125 of 2023)) [2024] SCSC 5 (22 January 2024)

Liu v Aux Cayes Fintech Co. Ltd (MA 406 of 2023 (Arising in CS 125 of 2023)) [2024] SCSC 5 (22 January 2024)

The applicant has commenced a suit and established a bona fide claim for misappropriated cryptocurrency assets traced to the respondent's accounts. The requirements of sections 280 and 281 of the Seychelles Code of Civil Procedure are satisfied, mandating the court to grant provisional seizure to prevent dissipation...

Source-derived case information.

Citation
[2024] SCSC 5
Parties
Applicant: Dr Samson Liu; Respondent: Aux Cayes Fintech Co. Ltd
Court
Supreme Court
Jurisdiction
Seychelles
Judgment Date
22 January 2024
Case Number
MA 406 of 2023 (Arising in CS 125 of 2023)
Procedural Posture
Ex Parte Application for Provisional Seizure / Interlocutory Order Pending Main Suit
Outcome
Application granted
Legal Topics
Provisional Seizure, Asset Preservation, Fraud, Due Diligence Obligations, Cryptocurrency Misappropriation
Source Language
english
Civil Procedure Cryptocurrency Law Provisional Seizure Asset Preservation Fraud Due Diligence Obligations Cryptocurrency Misappropriation

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Parties

Dr Samson Liu

Applicant

Aux Cayes Fintech Co. Ltd

Respondent

Procedural Posture

Ex Parte Application for Provisional Seizure / Interlocutory Order Pending Main Suit

Legal Issues

  1. 1 Whether the applicant has a bona fide claim justifying provisional seizure of cryptocurrency assets in the respondent's possession
  2. 2 Whether the requirements under sections 280 and 281 of the Seychelles Code of Civil Procedure for provisional seizure are met

Ratio Decidendi

The applicant has commenced a suit and established a bona fide claim for misappropriated cryptocurrency assets traced to the respondent's accounts. The requirements of sections 280 and 281 of the Seychelles Code of Civil Procedure are satisfied, mandating the court to grant provisional seizure to prevent dissipation of assets pending the main suit.

Court Disposition

Application granted

Orders

  • Warrant issued to seize provisionally 660,497.6 USDT in respondent's OKX exchange account, detailed by wallet amounts.
  • Warrant issued to seize provisionally 14.96 BTC in respondent's OKX exchange account.