Canadian Court Orders Man to Repay $1.2 Million in Bitcoin Loan Dispute

A court in British Columbia, Canada, has ordered Daniel Tambosso to repay Hung Nguyen $1.2 million for a loan of 22 bitcoins made in 2021. Nguyen, a Canadian real estate agent, claimed the loan constituted his entire savings, and Tambosso’s failure to repay has severely impacted his finances and mental health. Tambosso, claiming to be a victim of a Ponzi scheme, argued that he borrowed bitcoins to recover his misappropriated cryptocurrency through a supposed software linked to Satoshi Nakamoto, the purported creator of bitcoin. The judge dismissed Tambosso’s defense, emphasizing that the case revolved around basic contract law principles, requiring Tambosso to repay the loan regardless of his alleged victimization. The court rejected Tambosso’s multiple arguments and attempts to keep the proceedings confidential. Both men report significant financial losses, with Tambosso saying he lost billions and now works in HVAC to make ends meet.