Ramona Ang, the wife of controversial cryptocurrency industry figure Craig Wright, has won a lawsuit in the U.K. High Court over losses she incurred when the UFX exchange platform closed her account without returning her funds.
In a ruling on Tuesday, Honorable Judge Justice Butcher granted Angâ€™s claim to equitable compensation, saying the Cyprus-based defendant Reliantco â€“ operator of UFX â€“ had failed to justify its counterclaim and â€œacted in breach of trust and of its fiduciary duties of loyalty in dealing with the positions opened on Ms Angâ€™s account.â€
Reliantco failed in making its case that, while Ang had opened the account in January 2017, â€œit was Dr Wright who had thereafter operated the account â€˜as a means of overcoming the effects of the Defendantâ€™s termination of Dr Wrightâ€™s own account with it.’â€ It also claimed her funds had been obtained by fraud, via Wrightâ€™s involvement with the account.
Wright â€“ who claims to be the inventor of bitcoin â€“ had had his account (which had been opened at the same time) closed after the firm found he had been accused of fraud, per the document. The exchange returned $10,000 he had deposited, however.
Reliantco had failed in early 2019 to have the case moved to Cyprus and claimed that Ang hadnâ€™t read the websiteâ€™s terms and conditions. This was dismissed by Judge Andrew Baker at the time.
Ang had claimed for $708,857, comprising of an initial investment placed in bitcoin futures of over US$400,000, as well as around $300,000 in gains on her open positions. She further claimed $600,000 in damages for gains she would have realized if the funds hadnâ€™t been withheld.
Additionally, Ang claimed a loss of $1,334,163 that would have come from a plan to open a bitcoin account at the Kraken exchange and earn 3,530 bitcoin cash arising from the cryptocurrencyâ€™s fork from the bitcoin blockchain. All in, the claims came to $2,643,020.
Judge Butcher said that, while he found some of Angâ€™s representations over Wrightâ€™s access to her account â€œinaccurateâ€ and â€œuntruthful,â€ â€œI have found that she opened it and was its principal user.â€
Wright is also fighting a court case in the U.S. over billions in bitcoin that he claims to have mined in the early days of the cryptocurrency with former business partner, the late David Kleiman.Â