Jurat gives victims of crypto hacks and scams the ability to recover their funds through the courts.
Jurat is a Legal3 blockchain solution that offers remedies to individuals who have fallen victim to cryptocurrency hacks and scams. Given the substantial financial losses attributed to these incidents, there is a pressing need for dependable crypto recovery tools that ensure meaningful consumer protection. Jurat is meeting this need by advancing the role of blockchain in the legal industry to further Satoshi’ Nakamoto’s vision for a flourishing peer-to-peer financial system.
JTC: Bringing Legal Protections to Crypto
Jurat brings consumer protection to cryptocurrency by incorporating Legal3 tools into the Bitcoin core software. The result is a new branch of Bitcoin called JTC. Like prior Bitcoin branches (BTC, BCH, and BSV), JTC maintains the fundamental protocols specified by Satoshi Nakamoto, including a hard limit of 21 million coins to prevent inflation and the ability to avoid intermediaries by self-custodying assets. But, unlike these branches, JTC fosters a close relationship between the Bitcoin protocols and traditional legal institutions.
The result is a cryptocurrency that gives users access to legal recourse through the official court system in case of a hack or scam. Nodes on the JTC blockchain can access rulings from state and federal courts (starting in the United States) and thereby comply with court orders when criminals victimize cryptocurrency users. The blockchain directly executes the transactions specified in the court decisions, allowing it, for example, to freeze disputed funds or award coins as per the court’s order.
The need for legal accountability on-chain has grown with the increased adoption of cryptocurrency and has become particularly important to the future of blockchain.
Consider the series of crypto-related crises witnessed in 2022. The FTX, Celsius, and Terra collapses are just three examples where users lost their hard-earned life savings due to the negligence (or worse) of individuals in positions of authority. Furthermore, a surge in scams and hacks has drained millions of dollars from wallets and exchanges, leaving people financially strained with minimal legal recourse.
The pervasive loss of legal protections within the blockchain industry has made many hesitant to adopt this technology, preventing them from reaping the benefits of cryptocurrencies and impeding the industry’s growth.
Recovering Hacked and Stolen Crypto with JTC
If someone falls victim to hackers or scammers on a blockchain without Jurat, they have minimal, if any, legal channels for seeking compensation. However, with Jurat incorporated, users of blockchains like JTC can recover their stolen crypto with the following steps:
- Generate ID: The claimant creates a Jurat Request ID through the Jurat user interface. The ID is a code that details the transaction the claimant wants the court to add to the blockchain, such as freezing a wallet or returning coins.
- File a Lawsuit: File a suit and give the Jurat Request ID to the court. The judge must then decide the case. If the judge sides with you, they will include the ID in a written ruling and upload it to the public docket.
- Docket Connect: Jurat-enabled nodes access the court’s public docket and can recognize the Jurat Request ID. This way, miners can confirm judicial transactions and add them to the ledger in an automated fashion.
- Transaction Execution: The miners execute the transaction per the judge’s ruling.
A US federal court put the process through its paces earlier this year when it utilized Jurat’s technology to freeze cryptocurrency stolen by North Korean state-backed hackers known as the Lazarus Group. By including the Jurat ID in its opinion, the court could communicate with the JTC blockchain, making its order understandable to the nodes. No other blockchain has accomplished this feat.
Recovering Lost Crypto with JTC
Billions of dollars worth of cryptocurrency have been lost through innocent mistakes such as forgetting a wallet password or misplacing a 12-word seed phrase. An estimated 20% of $BTC’s total supply is irretrievably lost due to such mishaps.
In the past, recovering lost crypto was nearly impossible. But now, with Jurat and JTC, there’s hope. Recovering lost crypto through Jurat is akin to reclaiming a lost valuable in the real world when it’s in someone else’s possession.
If you’ve lost access to your wallet, the crypto it holds is still your possession in the eyes of the law. On a blockchain that connects to courts, you can enforce your legal rights and recover this crypto.
The process begins with the user generating a Jurat Request ID that includes information about the crypto coins and the wallet address where they’re stored. The ID instructs the courts where the claimant wants the coins to be sent, usually to a new wallet address that the claimant can access.
To convince the judge to rule in their favor, the claimant must present sufficient evidence that proves the cryptocurrency is rightfully theirs. Evidence may include KYC data from an exchange or on-chain transaction data. Any evidence that the judge considers admissible could help prove the case.
If the judge sides with the claimant, they will include the Jurat ID in their written opinion. The Jurat nodes will recognize the ID and transmit the data to the Jurat miners, who will subsequently execute the order on-chain.
Final Thoughts on Jurat, JTC, and Crypto Recovery
Cryptocurrency users increasingly need the protection of the law as more and more of their assets are made digital. Too many individuals and developers have lost their funds to hackers and mistakes. JTC demonstrates a safer and more equitable crypto ecosystem can be achieved through access to courts. If you’re interested in learning more about Jurat, claiming your $JTC tokens, or using $JTC for cryptocurrency transactions, we invite you to join the Jurat community on Telegram, X, and Discord.
Alexia is the author at Research Snipers covering all technology news including Google, Apple, Android, Xiaomi, Huawei, Samsung News, and More.