Hong Kong Courts Implement Blockchain to Serve Legal Notices
Hong Kong courts have started using blockchain technology to send legal notices to crypto wallets, addressing challenges with anonymous wallet owners. This development follows a court order involving two wallets on the Tron blockchain, where assets connected to an online scam were frozen.
The Rise of Tokenized Legal Notices in Hong Kong
- Traditional methods like mail or email often fail for anonymous crypto users.
- A court froze 2.65 million USDT linked to an online scam; only 1 million USDT remains in the frozen wallet.
- Joshua Chu from Macro Systems developed tokenized notice technology on the Tron network.
- Hong Kong authorities can now freeze suspicious wallets and restrict transactions efficiently.
- Frozen assets transactions would violate criminal law, deterring centralized exchanges due to AML obligations.
- Tokenized notices aim to eliminate anonymity as a defense in legal matters.
- Macro Systems plans to extend this technology to Ethereum and Polygon, with a Bitcoin launch anticipated later this year.
Global Legal Systems Embrace Blockchain
- Hong Kong's approach reflects a global trend towards using blockchain in legal proceedings.
- The UK High Court recently froze stolen NFTs via NFT airdrops.
- In the US, legal notices were sent directly to anonymous crypto wallets in LCX AG v. John Doe Nos. 1-25.
- Challenges remain, such as lack of standardized rules and varying international legal frameworks.