A Canadian court ordered the return of a $1.2 million Bitcoin loan

The British Columbia Supreme Court has ordered defendant Daniel Tamboso to pay plaintiff Hung Nguyen $1.2 million, ending a bitter dispute over a 22 bitcoin (BTC) loan Tamboso took from Nguyen in September 2021.

“Mr. Nguyen is awarded $1,240,106.22 in damages against Mr. Tamboso. Mr. Nguyen is awarded court-ordered interest from September 24, 2021,” Judge Fitzpatrick ruled.

In September 2021, Nguyen met Tamboso through a mutual friend and realized that Tamboso needed to borrow some Bitcoin for an initiative he was pursuing. On September 21, 2021, Nguyen, along with their respective lawyers, loaned Tamboso 18 bitcoins.

Immediately after the transfer, Tamboso contacted Nguyen and asked for an additional 7.5 Bitcoin. On September 22, 2021, Nguyen agreed to lend Tamboso an additional 4 BTC. The loan was to be repaid within 48 hours.

The judge said that regardless of whether Tamboso's initiative succeeded, Tamboso was required by the terms of the contract to return the first 22 bitcoins to Nguyen.

According to the judge, the case involves “old-fashioned action” but has a “modern twist” because the loan was paid in bitcoin.

Many court rulings have started to favor cryptocurrencies.

The increase in court rulings in favor of cryptocurrencies shows the widespread adoption and adoption of the asset.

In the year On August 30, recently bankrupt Bitcoin mining company Rhodium Enterprises received court approval to take out loans in both US dollars and Bitcoin. The approval is unusual for insolvency financing, given Bitcoin's price volatility, making total loan payments difficult to predict.

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On June 23, 2023, the United States Supreme Court ruled in favor of cryptocurrency exchange Coinbase in a partisan opinion that ended court proceedings against the company in two California cases. This marks the first cryptocurrency-related ruling by the United States Supreme Court.

In the year On August 16, in a significant update to the UAE judicial approach to crypto, the Dubai Court of First Instance recognized salary payments in crypto as valid in employment contracts. The verdict It marked a shift from the court's previous position in 2023, in which a similar claim was rejected because it lacked valid consideration regarding crypto.

Authorities have taken action against unlicensed operators to protect consumers.

However, authorities in states have tightened controls on crypto exchanges and services to protect investors' money. In an August 23 court filing, a United States federal court dismissed crypto exchange Kraken's request to dismiss the Securities and Exchange Commission's lawsuit alleging that Kraken was operating an unregistered securities exchange.

In Hong Kong, for example, operating an unlicensed virtual asset trading platform (VATP) has become a crime since June 1. Several crypto exchanges, including Crypto.com, Bullish and Matrixport HK, are awaiting full licensing, while others have withdrawn their licenses. Applications.

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