In a groundbreaking ruling out of the Superior Court of Delaware last month, Elizabeth White, CEO of The White Company, was awarded $2.7 million resulting from two separate filed complaints.
The White Company’s, a vendor of cryptocurrency exclusive luxury goods, CEO Elizabeth White filed two individual claims against Cointal, a cryptocurrency exchange, after one of its employees and the defendant last year illegally diverted White’s funds into a Bittrex wallet. Initially, the two had agreed with White to conduct a transaction where White would receive a specified amount of Bitcoin (BTC) for Ripple (XRP).
Fortunate for White, the team at Bittrex were able to help locate the wallet containing the stolen funds and return the cryptocurrency to her. The official press release from The White Company commented on the significance of this cryptocurrency recovery:
“Rather than waiting for over-burdened government regulators to take action, this lawsuit demonstrates that individuals themselves have effective remedies to trace and recover assets.”
Other than obtaining a money judgment in short order, White and her attorneys were able to simultaneously trace and freeze a substantial amount of digital assets against which a judgment could be ordered.
“This is the only known case where a private plaintiff has obtained a judgment for fraud in the cryptocurrency space and then successfully executed that judgment against cryptocurrency assets…This groundbreaking cryptocurrency lawsuit sets a new precedent for how individuals can use the legal system to recover misappropriated cryptocurrency assets.”