Summary:
Canadian court orders repayment of $1.2 million in a Bitcoin loan dispute
Loan of 22 bitcoins was claimed to be entire savings of the lender
Tambosso argued he was a victim of a Ponzi scheme but was dismissed by the court
Judge emphasized contract law principles in the ruling
Both parties reported significant financial losses
A British Columbia court has issued a landmark ruling, ordering Daniel Tambosso to repay $1.2 million to Hung Nguyen for a loan of 22 bitcoins made in 2021. This case has sparked considerable attention due to its implications for cryptocurrency lending and contract law.
Background of the Case
Hung Nguyen, a Canadian real estate agent, reported that the loan represented his entire savings, and Tambosso's failure to repay has significantly affected his financial stability and mental health. In his defense, Tambosso claimed to be a victim of a Ponzi scheme, stating that he borrowed the bitcoins to recover his misappropriated cryptocurrency through a supposed software linked to Satoshi Nakamoto, the enigmatic creator of Bitcoin.
Court's Ruling
The judge firmly dismissed Tambosso’s defense, stating that the case centered around fundamental contract law principles, which required him to repay the loan regardless of his claims of being a victim. The court also rejected Tambosso’s multiple attempts to keep the proceedings confidential.
Both parties reported substantial financial losses, with Tambosso claiming he lost billions and currently working in HVAC to make ends meet. This case serves as a cautionary tale about the risks associated with cryptocurrency loans and the importance of adhering to legal agreements.
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