**UK High Court Rules Tether is Property**
In a landmark decision, the UK High Court has declared that the stablecoin Tether (USDT) is considered property under English law. This ruling, issued by Deputy Judge Richard Farnhill, marks the first full trial decision on cryptocurrency's legal status in the UK.
- **Case Background**: The ruling arose from a fraud case where a victim's stolen crypto, including USDT, was funneled through various exchanges and mixers.
- **Legal Implications**: Farnhill stated that USDT is a distinct form of property, capable of being traced and held in trust like other assets. This aligns with a 2019 judgment and a 2023 Law Commission report.
- **Related Developments**: The decision follows a UK government bill aiming to classify NFTs, cryptocurrencies, and carbon credits as personal property.
**Thai Exchange BitKub Escapes Suit**
- **Fraud Case**: Plaintiff Fabrizio DâAloia accused Thai exchange BitKub of unjust enrichment after 400,000 USDT, including 46,291 USDT traced to fraudsters, was allegedly received by BitKub.
- **Court Ruling**: Judge Farnhill found no evidence that BitKub's wallet received DâAloiaâs USDT due to the use of crypto mixers, dismissing the breach of trust claim.
**Legal Insights**: Experts stress the importance of clear evidence in crypto-related cases. The court will address further applications and orders in this ongoing legal saga.