Zimbabwean Doctor Seeks Appeal After $550K Crypto Theft Acquittal
A Zimbabwean ophthalmologist, Dr Solomon Guramatunhu, is urging the National Prosecuting Authority (NPA) to appeal the acquittal of Lloyd and Melissa Chiyangwa, who were accused of stealing more than $550,000 in cryptocurrency from his wallets. A regional magistrate acquitted the couple on the technical ground that cryptocurrency is not legal tender in Zimbabwe and therefore cannot constitute property for theft or fraud under current law. Dr Guramatunhu’s lawyer, Admire Rubaya, argues this reasoning is legally flawed: cryptocurrencies are incorporeal rights and movable property under Zimbabwean law, convertible to fiat (notably US dollars), and held as account entries—thus capable of being stolen under Section 112 of the Criminal Law Codification and Reform Act. The legal team says the Chiyangwas transferred digital assets without authorization to their own accounts and has offered to supply research and legal material to the NPA to support an appeal to the High Court. The case could set a key legal precedent in Zimbabwe on whether crypto is legally recognised as property and how criminal law applies to crypto theft, a development traders should watch for its implications on custody disputes, exchange liability and enforcement risk in the region.
Neutral
The news concerns a legal dispute over whether cryptocurrency qualifies as property under Zimbabwean law after an acquittal in an alleged $550K crypto theft. This development is primarily legal and regulatory rather than market-moving for any specific token. Short-term price impact on the stolen assets or major cryptocurrencies is likely limited: the case affects enforcement and precedent rather than liquidity or protocol fundamentals. However, the ruling could influence local custody risk, exchange compliance and regional enforcement expectations. If the High Court reverses the acquittal and recognises crypto as property, that would strengthen legal protections and could be mildly bullish for local market confidence and institutional custody adoption over the medium term. Conversely, upholding the acquittal would increase legal uncertainty and could be mildly bearish for adoption in Zimbabwe. Overall, the immediate effect on token prices is neutral, while the medium-term directional effect depends on the final legal outcome and subsequent regulatory responses.