Cicada 137 LLC v. Medjedovic, 2021 ONSC 369
Read full decision. Summary prepared by Alan Macek:
On November 28, 2021, the court granted an Anton Piller order authorizing a search for the passwords and other evidence concerning approximately $15 million in cryptocurrency tokens that the defendant is alleged to have taken unlawfully from an online cryptocurrency business operating as Index Finance. ... There is a theory in some cryptocurrency academic thought, that because blockchain technology is based on publicly available or “open source” programming code and is based on a laissez-faire contract theory, that “the code is law”. ... The plaintiff says he “hacked” the system to trick it and defraud participants of their assets. The defendant may argue that he did no more than what the code allowed and the code is law. ... Whether the Ontario common law supports this legal theory might well be in issue in this action – if Andean Medjedovic participates.