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A Canadian court has ruled that Daniel Tambosso must repay Hung Nguyen $1.2 million in Bitcoin after a contentious loan dispute, marking a significant legal precedent in cryptocurrency cases.
$1.2M Bitcoin Loan Ordered for Repayment
The Supreme Court of British Columbia has finally resolved a contentious disagreement about a loan of 22 Bitcoin (BTC) that defendant Daniel Tambosso borrowed from plaintiff Hung Nguyen in September 2021, as reported by Cointelgraph. Tambosso has been forced to refund $1.2 million to Nguyen.
“Mr. Nguyen is awarded damages against Mr. Tambosso for $1,240,106.22. According to the court document,” Mr. Nguyen is also awarded court order interest on the above amount from Sept. 24, 2021,” according to Justice Fitzpatrick's ruling.
Project Leads to Bitcoin Loan Agreement
After meeting Tambosso through a common acquaintance in September 2021, Nguyen learned that Tambosso needed to borrow Bitcoin for a project he was working on. Assisted by their respective attorneys, Nguyen loaned Tambosso 18 Bitcoin on September 21, 2021.
Not long after the money changed hands, Tambosso got in touch with Nguyen to ask for another 7.5 Bitcoin. Nguyen consented to provide Tambosso four more Bitcoin on September 22, 2021. Within 48 hours, the debt was expected to be repaid.
22 Bitcoin Legally Obligated for Return
According to the judgment, Tambosso was obligated to restore the original 22 Bitcoin to Nguyen per the provisions of the contracts, regardless of the success or failure of his project.
It was a "old-fashioned cause of action" with "a modern twist," the judge said, as the loan had to be repaid in Bitcoin.
A growing number of favorable court rulings on cryptocurrencies indicates that the asset class is widely accepted and used.
In a partisan decision handed down on June 23, 2023, by the United States Supreme Court, the cryptocurrency exchange Coinbase was given the green light to end legal actions against it in two separate California cases. The first-ever decision involving cryptocurrencies by the US top court was this.
Cryptocurrency Legalization Expanding Globally
The Dubai Court of First Instance said on August 16 that salary payments in crypto were legal under job contracts. This was a big change in how the courts in the United Arab Emirates deal with crypto.
For example, since June 1, it has been illegal in Hong Kong to run a virtual asset trading platform (VATP) without a license.
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