OM Weekly Digest 06/17/22

17 6 22 omwd
nft nyc

06/16/22 – Litigation

On 1 June 2022, the Supreme Court of the State of New York issued a temporary restraining order (TRO) against an unnamed defendant in a hacking case where a crypto exchange company suffered a loss of almost USD 8 million.    The TRO blacklisted the hacker’s wallet interfering with the defendant’s property, accounts, tangible or intangible assets of any kind, located inside or outside the United States, including the cryptocurrency held in the wallet.    Moreover, the Court ordered to serve the anonymous hacker of the TRO via an on-chain Non-Fungible Token (NFT) or Service Token. This unprecedented approach provides an example of how innovation can provide legitimacy in legal proceedings.

film industry

06/16/22 – Copyright Law

According to the General Audiovisual Communications Bill, approved by Spain’s lower chamber of congress, audiovisual communication service providers will be compelled to ensure that at least 30% of audiovisual works in their catalogs are of European origin. In addition, they must allocate 5% of their revenues to direct financing of European audiovisual works and/or to funds dedicated to promoting and encouraging cinematography.   Original sources in Spanish.

consumer protection

06/16/22 – Consumer Law

Through a key judicial decision last week, Colombia’s Consumer Protection authority confirmed that in cases where a public event is canceled due to unforeseen reasons beyond the control of the consumer, and the consumer chooses to have her money refunded, said amount must be returned in full, without any charge or withholding for service fees or similar costs. Otherwise, consumer protection regulations would be infringed, insofar as they establish that in the case of services, a price paid for a public show that did not take place must be refunded in full, without applying any conditions or other similar measures that might affect the consumer.     Original source in Spanish