Friends, I believe we have found the most compelling use of blockchain yet: providing people with legal documents. In fact, it’s even easier to serve notice of a lawsuit on someone using blockchain technology than in real life, because you don’t need a person’s identity to do so. What a success!Thank you for reading this post, don't forget to subscribe!
The case in question is a lawsuit filed by Ryan Delone, who mailed an unknown person’s wallet with a notice that he was being sued, krebs on safety Report. (The wallet allegedly contained Bitcoin stolen from Delone in a SIM-swapping attack.) Delone used a brief message and about $100 worth of Bitcoin to inform him of the lawsuit. This is the first case of its kind.
Now, one of the fun ways that cryptocurrency wallets work is that anyone can put anything into the wallet without having to interact with or approve the owner – which is easier than having to physically track someone down, for example. Makes reporting very easy. Go down to hand them an envelope. You don’t even need any identification! In this case, Delone does not know who owns the wallet, which has already been seized by the government as part of an asset freeze.
In Delon’s case, the expected outcome is a default judgment that would allow him to seize the funds in the wallet should the wallet owner re-conduct the transaction. And if the Feds already have the wallet, they will have to disclose information about the case to them.
This is not the first time that creative means have been used to serve crypto participants. In the case of the Oaky DAO, the Fed sent its service notice to all DAO participants through the DAO’s help chat box and by posting on the DAO’s online forums. The Commodity Futures Trading Commission won a default judgment in that case; The DAO was ordered to pay more than $640,000 in fines and cease operations.