Holland and Knight is the international law firm that has been designated as the first institution in legal history to issue a temporary order of restraining via an NFT.

Holland & Knight has become the first law firm to serve a defendant by #NFT, which was created and airdropped by our #AssetRecovery Team. Get more information from @LCX https://t.co/wWs2cOVVY1 #crypto #blockchain #legalinnovation pic.twitter.com/mo7VaAKEgo

— Holland & Knight (@Holland_Knight) June 8, 2022

The “service NFT” as it is called was served to an anonymous defendant responsible for the theft of almost $8 million dollars from Liechtenstein-based fintech company “LCX.”

January’s heist saw hot wallets of the LCX platform being exploited. The result was losses in Ether, USDC and other cryptocurrencies.

According to the LCX team, the funds were laundered via crypto mixer Tornado Cash but were tracked down through “algorithmic forensic analysis,” which allowed the company to fish out the wallets linked with the hacker. LCX claims that around 60% of the funds stolen are currently frozen. Investigations in the United States, Ireland and Spain are ongoing.

Centre Consortium has frozen approximately $1.3 Million in USDC with the support of a New York Supreme Court court order. Centre Consortium was founded by USDC issuer Circle, and cryptocurrency exchange Coinbase (NASDAQ).

After preliminary findings, Holland & Knight and Bluestone, the law firms representing LCX, went forward to serve the anonymous defendant with a temporary restraining order that was issued on-chain using an NFT.

The service NFT method ‘was approved by the New York Supreme Court and is an example of how innovation can provide legitimacy and transparency to a market that some believe is ungovernable,’ said LCX.

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