Court of Appeal Finds Crypto Developers May Owe Fiduciary Duties to Crypto Owners

23 March 2023
Key Takeaways:
  • Blockchain developers may owe fiduciary or tortious duties to those who use their networks to store or trade crypto assets. The final disposal of this issue requires the relevant facts to be established at trial.
  • Whether such duties are owed will turn on an investigation of the nature of bitcoin; namely, whether “the decentralised governance of bitcoin really is a myth”.
  • The English courts can develop legal concepts such as fiduciary and tortious duties to resolve issues arising from the adoption of technological developments including blockchain and cryptocurrencies.