Coinbase UK settles $1 million Bitcoin theft case out of court


  • Robertson lost his Bitcoin worth more than a million dollars in an email phishing attack.
  • Hackers transferred 80 BTC o Coinbase, 15 BTC to LocalBitcoins and 5 BTC to an offline wallet.
  • A Bankers Trust Order from the court allowed Coinbase to reveal the owner of the wallet with the 80 BTC.

The branch of the leading cryptocurrency exchange in the United States, Coinbase UK has agreed on a settlement involving a digital asset fund manager. The manager of Alphabit Liam Robertson filed a case following the transfer of more than one million dollars to Coinbase.

The decision to settle comes after a two months-long legal dispute between Robertson and Coinbase UK. Robertson lost his Bitcoin worth more than a million dollars in an email phishing attack. He decided to put more than 100 BTC in what is called an algorithmic trading fund. Unfortunately, attackers got hold of the BTC before the investment process was completed. The Bitcoin was deposited in a different wallet address.

Following an investigation into the matter, it was found that 80 BTC had been transferred to Coinbase. 15 of the BTC had been sent to LocalBitcoins and the remaining 5 BTC sent to an offline wallet.

Robertson was accorded asset preservation in August which barred Coinbase from transferring the Bitcoin. At the same time, he later got a Bankers Trust Oder that compelled Coinbase to reveal the controller of the wallet holding the 80 BTC.

The ruling in this case, could set precedent the future cases involving Bitcoin. It could help define Bitcoin as legal property in the UK and also help investors who fall victim to fraudsters.

Read alsoBitcoin price analysis: BTC/USD bounced from key support, further growth imminent

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday. The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow. Upside remains elusive with 61.8% Fib offering strong resistance.

More Shiba Inu news

Cardano price eyes a drop towards $1.85

Cardano price is once again on the slippery slope this Sunday, kicking off a new week on the wrong footing, as ADA bulls lack follow-through recovery momentum. ADA sellers target 100-DMA at $1.85 on a firm break below $2.

More Cardano News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP