CandleFocus A New Frontier: Court Authorizes Service of Process Through NFT Airdrop
2024-11-21
Author: Content Editor
A bankruptcy judge in the U.S. has ruled that Celsius, a cryptocurrency exchange, can serve legal papers to anonymous defendants by airdropping non-fungible tokens (NFTs) to their digital wallets. The exchange is seeking to recover funds for its creditors following insolvency but has been unable to identify the owners of the wallets involved. Celsius proposed to airdrop NFTs that contain a hyperlink to legal documents to the wallet addresses in question, with the aim of serving the defendants. FTI Consulting will confirm if the NFTs are received on-chain and monitor website traffic to ensure they are opened by humans. The judge praised Celsius for its innovative solution and suggested that wallet addresses are akin to email addresses, paving the way for blockchain technology. This case highlights the challenges associated with adopting new technology and how blockchain continues to disrupt traditional practices.
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