In the Press
May 31, 2023

Fiduciary Duties in the Context of Digital Assets (Commercial Dispute Resolution)


On 8 February 2020, Dr Craig Wright, CEO of Tulip Trading Limited (TTL), discovered that a few days earlier, the personal computers located at his Surrey home had been hacked and the private keys to Bitcoin of very significant value owned by TTL had been lost. Private keys are complex passkeys which not only allow the holder to make crypto transactions but also act as proof of ownership of digital assets, and it is understood these keys were copied and then deleted. Other confidential information and documents in Wright’s computer and network had also been taken. The result of the hack and the loss of the private keys meant that TTL no longer had possession of or access to the Bitcoin it says it owns. The case should provide welcome clarification on the rights of digital-asset owners and developers’ duty of care. Katherine Harper provides analysis in Commercial Dispute Resolution.