The crypto world is known for, among other things, exotic legal structures and an extreme level of anonymity. But both of those attributes can make it a challenging place for plaintiffs' attorneys.
The constitution requires plaintiffs to prove they've served their defendants with a notice of their lawsuit. Failure to do so properly can tank an otherwise promising case. But process serving is tricky when the only thing you know about the target of your lawsuit is a username on a decentralized crypto exchange.
On this episode of our weekly legal new podcast, On The Merits, Bloomberg Law reporter Matt Bultman talks about the curious case of Ooki. The Commodity Futures Trading Commission (CFTC) said Ooki, a decentralized crypto organization, violated registration rules. The agency thought it devised a clever way to serve the shadowy group with a suit—only to find that its unorthodox efforts might have compromised its case.
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