The defendants brought a motion to set aside a Mareva injunction freezing their cryptocurrency assets, which was initially granted without notice in a proposed class action alleging fraud and fraudulent misrepresentation in the sale of non-fungible tokens (NFTs).
The court found that the plaintiff had made full and frank disclosure and met the test to continue the injunction against the corporate defendants and one individual defendant, citing a strong prima facie case of fraudulent misrepresentation and a serious risk of asset dissipation.
The injunction was set aside for one individual defendant due to insufficient evidence of personal involvement.
The court also exercised its discretion to waive the undertaking for damages for the representative plaintiff, recognizing the public policy benefits of class actions.
