Canadian Court Orders Man to Repay $1.2 Million in Bitcoin Loan Dispute

A courtroom in British Columbia, Canada, has ordered Daniel Tambosso to repay Hung Nguyen $1.2 million for a 22 bitcoin mortgage made in 2021. Nguyen, a Canadian actual property agent, claimed that the mortgage constituted his total life financial savings, and that Tambosso’s lack of ability to repay was severely affecting his funds and psychological well being. Tambosso, who claimed to be a sufferer of a Ponzi scheme, alleged that he borrowed bitcoins to get again his embezzled cryptocurrency via purported software program linked to Satoshi Nakamoto, the alleged creator of bitcoin. The decide rejected Tambosso’s protection, emphasizing that the case revolved round elementary ideas of contract regulation requiring Tambosso to repay the mortgage no matter his alleged victimization. The courtroom rejected Tambosso’s a number of arguments and makes an attempt to maintain the proceedings confidential. Each males report vital monetary losses, with Tambosso saying he has misplaced billions and now works in HVAC to make ends meet.