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Claims concerning the misappropriation of crypto assets have become an increasingly regular feature of the disputes landscape in the English courts. The recent Court of Appeal decision in Tulip Trading Limited v Bitcoin Association for BSV and others adds to the body of case law on crypto fraud and, notably, represents the first time that the court has had to tackle the question of whether software developers owe fiduciary duties to bitcoin owners using their software.
The decision of the Court of Appeal in Belsner v Cam Legal Services is now five months old, but is still the source of much debate, so here is a summary of what it did, and did not, decide and as I set out below, much of the judgment was obiter, that is not necessary for the decision on the facts of this case, and therefore not binding.