Mareva Injunction and crypto fraud

Without a Mareva injunction, there is always a risk that any victory on the substantive merits would be rendered hollow in practice by the absence of assets against which the judgment may be enforced. Indeed, it is in cases concerning fraud that the risk of a nugatory judgment is most amplified beca...

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Main Author: YIP, Man
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Language:English
Published: Institutional Knowledge at Singapore Management University 2024
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Online Access:https://ink.library.smu.edu.sg/sol_research/4487
https://ink.library.smu.edu.sg/context/sol_research/article/6445/viewcontent/9781509970759__07_pv.pdf
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spelling sg-smu-ink.sol_research-64452024-07-30T05:47:41Z Mareva Injunction and crypto fraud YIP, Man Without a Mareva injunction, there is always a risk that any victory on the substantive merits would be rendered hollow in practice by the absence of assets against which the judgment may be enforced. Indeed, it is in cases concerning fraud that the risk of a nugatory judgment is most amplified because the defendant would have the propensity to engage in dishonest practices. Alarmingly, nearly 30 years aft er Mercedez Benz, the ‘black hole’ has enlarged because fraudsters can easily hide behind complex corporate structures and the anonymity of cyberspace. 2 Th is chapter focuses on the use of Mareva injunction in the fight against crypto fraud. Britain’s fraud reporting agency reported that crypto fraud loss in the UK ‘increased more than 40 per cent over the past year, surpassing 300 million for the first time’. Th e proliferation of crypto fraud has brought to the fore a new set of challenges for national courts that operate on procedural rules rooted in some notion of territoriality. Jurisdictions that embrace cryptoassets, such as the UK and Singapore, have also readily embraced its civil weaponry – of which the Mareva injunction is one – to help fraud victims trace and recover lost assets and claim personal relief. Vigorous legal protection is crucial to boosting market confidence. 2024-08-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/sol_research/4487 https://ink.library.smu.edu.sg/context/sol_research/article/6445/viewcontent/9781509970759__07_pv.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Yong Pung How School Of Law eng Institutional Knowledge at Singapore Management University Banking and Finance Law Commercial Law
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Banking and Finance Law
Commercial Law
spellingShingle Banking and Finance Law
Commercial Law
YIP, Man
Mareva Injunction and crypto fraud
description Without a Mareva injunction, there is always a risk that any victory on the substantive merits would be rendered hollow in practice by the absence of assets against which the judgment may be enforced. Indeed, it is in cases concerning fraud that the risk of a nugatory judgment is most amplified because the defendant would have the propensity to engage in dishonest practices. Alarmingly, nearly 30 years aft er Mercedez Benz, the ‘black hole’ has enlarged because fraudsters can easily hide behind complex corporate structures and the anonymity of cyberspace. 2 Th is chapter focuses on the use of Mareva injunction in the fight against crypto fraud. Britain’s fraud reporting agency reported that crypto fraud loss in the UK ‘increased more than 40 per cent over the past year, surpassing 300 million for the first time’. Th e proliferation of crypto fraud has brought to the fore a new set of challenges for national courts that operate on procedural rules rooted in some notion of territoriality. Jurisdictions that embrace cryptoassets, such as the UK and Singapore, have also readily embraced its civil weaponry – of which the Mareva injunction is one – to help fraud victims trace and recover lost assets and claim personal relief. Vigorous legal protection is crucial to boosting market confidence.
format text
author YIP, Man
author_facet YIP, Man
author_sort YIP, Man
title Mareva Injunction and crypto fraud
title_short Mareva Injunction and crypto fraud
title_full Mareva Injunction and crypto fraud
title_fullStr Mareva Injunction and crypto fraud
title_full_unstemmed Mareva Injunction and crypto fraud
title_sort mareva injunction and crypto fraud
publisher Institutional Knowledge at Singapore Management University
publishDate 2024
url https://ink.library.smu.edu.sg/sol_research/4487
https://ink.library.smu.edu.sg/context/sol_research/article/6445/viewcontent/9781509970759__07_pv.pdf
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