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Helen Pugh

Commercial and civil fraud barrister
Helen Pugh is a commercial and civil fraud barrister practising from Outer Temple Chambers with a specialism in cryptocurrency disputes. Email: helen.pugh@outertemple.com

Articles by author

“Not your key, not your coin”: the private key and ownership

Ownership, possession and control of an asset have long been intertwined in the public’s consciousness. Albeit implicitly recognising that a possessory title can be displaced by a superior legal title, the old adage “possession is nine-tenths of the law” remains a popular refrain carrying more than a grain of truth. Following a series of high-profile collapses of crypto custodians in “the crypto winter”, a digital equivalent has emerged: “not your key, not your coin”. This article considers the private key and its role in legal analysis of cryptocurrencies.

12 APR 2026

Knowing receipt and the proprietary base

A recent High Court decision in a knowing receipt claim against a Saudi Arabian bank has considered the vexed issue of whether a beneficiary must have a continuing equitable interest enduring upon receipt of the property by the recipient to establish a knowing receipt claim. In a detailed and well-reasoned judgment Mr Justice Fancourt answered that question in the affirmative.

1 MAY 2021

Delegation not abdication: directors’ duties under scrutiny in syndicated loans

In syndicated lending it is common for lenders to delegate functions to an Agent and equally common for companies within a group to authorise the parent to act on their behalf. That has ramifications for the directors of the delegating companies – and for the directors of the delegate. This article considers the issues which may arise.

1 APR 2022

Crypto fraud and the bona fide purchaser for value defence

In this article Helen Pugh considers the bona fide purchaser for value defences at common law and in equity and their application to crypto transactions tainted by fraud.

1 JAN 2023