Hong Kong Court Order Executed Using Tokenized Technology

According to PANews, a Hong Kong court order related to fraud claims was successfully executed by sending it to two cryptocurrency wallets utilizing tokenized technology. Experts suggest this innovative approach could set a precedent for other jurisdictions and enhance Hong Kong's appeal as a tech hub. The injunction was issued after a Hong Kong company fell victim to a misrepresentation scam, losing over $2.6 million. The order was sent to unknown holders of two wallets on the Tron blockchain, prohibiting them from disposing of assets globally and in Hong Kong. The plaintiff in the civil lawsuit, marketing consultancy Worldwide A-Plus, transferred $2.66 million worth of Tether, a stablecoin pegged to the US dollar, to the wallets controlled by fraudsters posing as sales representatives of a hacked online marketing platform. The unknown holders of the two wallets were named as defendants in the case. The order was approved by Deputy High Court Judge Douglas Lam on December 5 and subsequently delivered by law firm Ravenscroft & Schmierer in the form of a 'tokenized legal notice.' On January 17, public records retrieved from the blockchain scanning platform Tronscan showed that both wallets contained a token named '2-Jan25-Notice,' transferred on January 3, with a message indicating that the initial court order remains in effect.