KB-2024-001295 - [2025] EWHC 3000 (KB)

The Property is held in the name of the D2 and D3. Their accounts were set up at the instigation of D1 in August 2020, when it can be inferred that he needed to move cryptocurrency. The accounts were set up to make it appear as if D2 and D3 owned and controlled the Property, when in reality it was D1 who arranged for the Property to be transferred into these accounts, and he maintained control over them. D2 and D3 were merely “proxies” for D1. The obvious inference is that the use of proxies to open accounts was designed to conceal D1’s identity and his control of the cryptocurrency. I accept Mr Pons’ submission that this factor alone strongly suggests that unlawful conduct was involved.