Recovering cryptoassets after business insolvency

Thomas Hulme, cryptoasset specialist at law firm Mackrell Turner Garrett, examines the rules of insolvency and cryptoassets, and how creditors can recover money from an insolvent person or business’s digital wallet

Cryptoassets surged in popularity in late 2017 when the price of bitcoin (BTC) almost reached $20,000 (£15,500). A cryptoasset or cryptocurrency is a code or piece of software that utilises blockchain technology. The fact that it uses blockchain technology is what separates cryptoassets from any other type of digital currency.

An entry on the blockchain ledger cannot be copied or edited. This means the cryptocurrency cannot be copied, giving it an intrinsic value as there will only ever be a specific number of each type of cryptoasset.

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