elizabeth white crypto

Cryptocurrency Fraud Case First to Rule Return Of Misappropriated Funds


Today in New York, plaintiff Elizabeth White (CEO of The White Company) felt great relief as well as made history when she received her stolen funds from her lawsuits over cryptocurrency fraud. White’s company, The White Company, is a cryptocurrency asset management and luxury marketplace that facilitates the sales of high end goods using crypto.

Elizabeth White with a McLaren P1 that was part of a crypto exchange for luxury vehicle deal. Source: Twitter, Business Insider

Earlier in the year, White met with and entered into a business agreement with an unnamed defendant and a Cointal employee. The deal involved transferring a large amount of Bitcoin for Ripple. The defendant and Cointal employee conspired and falsely assured White that the transaction was happening on Cointal exchange while the defendant transferred the Bitcoin into a Bittrex wallet.

White, who was represent by her attorneys Benjamin Sauter and David McGill of Kobre & Kim filed two separate complaints to the Superior Court of Deleware last month against the the unnamed defendant as well as the peer-to-peer cryptocurrency exchange Cointal. White won her case and was awarded a combined amount of over $2.7 million. While waiting for the courts to take action on how White would recover her funds and receive compensation, White and her attorneys were able to trace and freeze a substantial amount of the stolen funds. Bittrex Exchange was more than cooperative and played a big role in helping identify the thieves and returned the wallet containing the Bitcoin back to White.

Ms.White’s lawsuits is notable as it is the only case known where a private plaintiff was able to obtain a judgment for fraud with cryptocurrency assets. The lawsuit also demonstrates how individuals and companies were able to locate and execute judgment of the return of the stolen crypto in question with out legal assistance. Since the lawsuit was filed, several other people came forward as victims of similar circumstance involving Cointal hoping to receive their slice of justice.

Many people who are not in the crypto space have stated the Wild West, unregulated atmosphere of the crypto space as the main reason they’re hesitant to invest. Hopefully White’s case will set a precedent for cases involving theft and fraud of cryptocurrencies where being maliciously separated from your funds does not automatically mean you’re shit out of luck.

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