Crypto damages quantification—valuation at the date of breach or date of judgment?

Table of contents

• Background
• County Court judgment and appeal
• High Court appeal judgment
• Comment

Article summary

TMT analysis: In Southgate v Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency’s fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in a significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date. Dan Wyatt and Christopher Whitehouse, partner and senior associate of RPC analyse the crypto damages quantification in Southgate v Graham.