The High Court of England and Wales has ruled that USDT held by Tether, the largest stablecoin by market capitalization, can be considered “property.”
High Court Associate Justice Richard Farnhill stated that USDT carries property rights under English law and can be valued like other property.
The lawsuit was filed by Fabrizio D’Aloia, who claimed he was the victim of a crypto scam, and primarily targeted crypto exchange Bitkub. The lawsuit includes seven defendants in total, including two unidentified individuals and Binance. The lawsuit against Binance has been resolved, according to the documents.
D’Aloia claimed that the scammers tricked him into buying 2.5 million pounds ($3.3 million) worth of USDT and USDC. The scammer allegedly circulated the funds through various blockchain wallets before withdrawing them as fiat via Gate and Bitkub.
The judge ruled in favor of Bitkub, saying it had received nothing from D’Aloia, and D’Aloia’s lawsuit against Aux Cayes Fintech was dismissed.
Change in Tether management
Tether also announced the appointment of Jesse Spiro as Head of Government Relations, who will lead Tether’s policy and engagement efforts with legislators, regulators, and other key stakeholders.
Stay tuned for new information.
