Legal Recognition of Tether as Property in the UK

The United Kingdom High Court has declared Tether as property, marking the first ruling on cryptocurrency under English law after a trial. Tether's legal status was a key issue in a case involving a fraud victim whose stolen crypto, including Tether, was laundered through various exchanges. The court stated that USDT holds property rights under English law and can be traced and considered trust property. This decision aligns with previous judgments and the Law Commission's stance on digital assets as property. Despite acknowledging the fraud, the court ruled that the victim failed to prove enrichment by a Thai exchange. Legal experts emphasize the importance of clear evidence presentation in such cases. The court also heard about the victim's significant financial losses and ongoing legal actions against multiple parties involved in the fraud.