$30 Million in Bitcoin Ordered Returned in Cryptocurrency Class Action

August 1, 2017 | Back to News

David Silver Quote :

I’m just a little guy; and if I’m knocking at this door, someone eventually will knock louder and get more results, and eventually we will reach a tipping point. A tipping point is coming — U.S. courts and federal court judges believe they have power to enforce their orders, and in the United States of America, that’s a true fact.

A federal judge has ordered the return of 11,000 bitcoins worth about $30 million in a decision considered the first of its kind.

The ruling by U.S. District Judge Kenneth Marra of the U.S. District Court for the Southern District of Florida stems from a class action in which plaintiffs alleged that the defendant had stolen their money and fled to China.

In today’s cryptocurrency world, however, the legal victory might only be worth the paper it’s printed on.

“I’m unaware of any other federal court, in a federal court order, transferring the ownership of a bitcoin from one person to another,” said David Silver, one of the lawyers for the plaintiff class in Leidel v. Project Investors Inc.

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