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If someone runs off with your cryptoassets, recovering them can quickly become time-consuming and complex.

The hack was not related to the former employee's charges. In May 2019, the company was placed into liquidation, an ongoing process being managed by accountancy firm Grant Thornton. According to the summary of facts from Monday’s hearing, the former employee allegedly raised concerns with management around the security of private keys for numerous wallets held by the company. It described cryptocurrency wallets as being similar to an electronic bank account with an attached eftpos card. For a person to deposit into a wallet, all that is needed is an account number, known as a “publ...

Introduction Since the creation of bitcoin by “Satoshi Nakamoto” in 2009, the number of crypto-currencies has exponentially increased to over five thousand. This is in spite of the cold reception from regulators in many jurisdictions, including Nigeria. In 2020, Nigeria generated over US$400 million worth of crypto-transactions, ranking third globally in terms of volume of crypto-currency trade. A potential implication of this trend, is the possibility of insolvency proceedings involving crypto-currencies or crypto-assets. The peculiar characteristics of crypto-assets are likely to pose u...

Over the past decade, though, and particularly in recent months, digital assets have boomed.  Big names like MassMutual, MicroStrategy, and Tesla have bought Bitcoin; PayPal and Square's CashApp have made it easy to buy crypto with the tap of a finger; and major financial players like BNY Mellon and Visa and Mastercard have said they're planning to offer custody and transaction services for certain digital assets. Some SPACs have even considered getting in on the action, according to people interviewed for this story. While complex technology and scrutiny from regulators might deter some inv...