Canadian court orders $1.2M Bitcoin loan repayment
In September 2021, Nguyen was introduced to Tambosso through a mutual friend and realized Tambosso needed to borrow some Bitcoin from him for an initiative he was pursuing. On Sept. 21, 2021, along with their respective lawyers, Nguyen loaned Tambosso 18 Bitcoin
The Supreme Court of British Columbia has ordered $1.2 million in damages to be paid in a Bitcoin-related loan dispute, reflecting the growing legal acceptance of cryptocurrencies.
The Supreme Court of British Columbia has ordered defendant Daniel Tambosso to repay $1.2 million to plaintiff Hung Nguyen, thereby settling a bitter dispute over a loan of 22 Bitcoin (BTC) Tambosso took from Nguyen in September 2021.
“Mr. Nguyen is awarded damages against Mr. Tambosso for $1,240,106.22. Mr. Nguyen is also awarded court order interest on the above amount from Sept. 24, 2021,” Justice Fitzpatrick ruled.
In September 2021, Nguyen was introduced to Tambosso through a mutual friend and realized Tambosso needed to borrow some Bitcoin from him for an initiative he was pursuing. On Sept. 21, 2021, along with their respective lawyers, Nguyen loaned Tambosso 18 Bitcoin.
Almost immediately after the transfer, Tambosso contacted Nguyen, requesting an additional 7.5 Bitcoin. On Sept. 22, 2021, Nguyen agreed to loan Tambosso an additional 4 BTC. The loan was supposed to be repaid within 48 hours.
The judge noted that regardless of whether or not Tambosso’s initiative succeeded, Tambosso was required by the terms of the contracts to return the original 22 Bitcoin to Nguyen.
According to the Judge, the case involved an “old-fashioned cause of action” but with “a modern twist,” as the loan to be repaid was in Bitcoin.
