The world of cryptocurrency has continually grown in leaps and bounds. Recent happenings show that this trend of growth is set to continue.
Earlier today, Bittrex, a cryptocurrency exchange, played a key role in repositioning stolen funds to its rightful owner's possession.
As of last month, the Supreme Court of Delaware had awarded Elizabeth White, the CEO of The White Company, a cryptocurrency exclusive luxury store, a total amount of $2.7 million settlement. This settlement came about owing to the fact that the plaintiff, Elizabeth White, had filed two individual complaints against Cointal, a cryptocurrency exchange.
The crime occurred when a Cointal employee diverted cryptocurrency funds which belonged to White into a Bittrex Wallet. The defendant and White had previously agreed on a transaction where White was going to get an agreed amount of Bitcoin (BTC) in exchange for Ripple (XRP).
It was the guys over at Bittrex who then helped in locating the wallet containing the stolen funds, and also helped in fingering the Cointal employee as the perpetrator.
This case has also broken more barriers, as it is the only case whereby a private plaintiff has been able to fully exercise judgement awarded to them in terms of cryptocurrency assets.
How Does This Change The Game?
The victory for White sets a whole new precedent on how to get your cryptocurrency assets back when illegally lost. It shows that law courts are now a very viable means of recovering lost cryptocurrency funds. Since the news of White's victory broke out, the following has happened:
More Cases Have Sprung Up
More and more victims of such illegality have spoken out. Apparently, this wasn't an isolated case and this type of fraud had been going on for quite a while. White has however been playing an integral role in ensuring that the lost funds are fully recovered. There is hope that her successful judgement paves way for more of the same.
The Birth Of The White Standard
White on her part is trying to use her victory as a springboard to stop incidents of fraud like this from happening. She hopes to achieve this through her own cryptocurrency exchange. Her exchange comes complete with a USD-backed stablecoin dubbed the White Standard, and also a corresponding wallet also aptly dubbed the White Wallet. Owners of the White standard can check on their funds anytime they like, as there will be a USD balance on deposit update everyday on the website thewhitecompanyus.com.
A New Dawn
This case has also birthed a new dawn. A dawn whereby, instead of waiting and going through long, arduous processes, members of society can actively look to help the cause of justice. Just like the folks over at Bittrex cryptocurrency exchange did.
Cryptocurrency like every other industry has its shortcomings and all. However, there are steps being taken to limit those shortcomings to the barest minimum.
Hopefully, with more groundbreaking cases and executable judgements, the cryptocurrency space will be rid of the cloak and dagger reputation it currently has.