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First judgment obtained in proceedings brought by a cryptocurrency exchange in the English Courts

13 July 2022. Published by Christopher Whitehouse, Senior Associate and Jonathan Cary, Partner

In HDR v Shulev and Nexo [2022] EWHC 1685 (Comm), HDR (represented by RPC), which operates the cryptocurrency exchange BitMEX, initiated stakeholder proceedings under CPR Part 86 to resolve a dispute between two rival parties claiming control, and ownership of the contents, of a trading account.
Having brought the proceedings and having successfully secured the appropriate order of the Court in July 2021, HDR was able to step back from substantive involvement in proceedings and leave the Court and the rival parties to resolve the matter of account ownership, which is the subject matter of the judgment.
These proceedings and the stakeholder procedure itself will be of broader interest to the market, in particular to cryptocurrency exchanges as a potential option to resolve account ownership disputes.  
For enquiries please contact Jonathan Cary or Christopher Whitehouse.