Fraud related and money laundering issues have become a menace to the crypto space, this has prompted a group of London law firms to form a worldwide crypto fraud recovery network.
The Crypto Fraud and Asset Recovery, or CFAAR, network include lawyers who have handled some of the first crypto-related court cases in the United Kingdom.
Essex Court Chambers, Asset Reality, Osborne Clark, RPC, Stewarts, and Twenty Essex are among the firms, according to Financial News.
Crypto-related frauds such as robberies, ICOs, and ransomware attacks have expanded considerably as the crypto business has grown.
In addition, crypto phishing attackers have grown in complexity and scale. As a result, there is a need for a legal structure that can effectively respond to such scams. These legal services can also assist victims of these types of scams.
The CFAAR network aspires to increase its reach across the globe. Its goal is to grow into a diverse community that hosts seminars, regular meetings, conferences, roundtables, and other events.
Other social activities will be held there as well, giving chances for the development of ideas, talents, and worldwide networking.
The CFAAR network aspires to be the go-to source for judicial and regulatory evaluations and consultations on crypto.
Former Justice of the UK Supreme Court, speaking about the CFAAR network’s debut, said:
“Where there is innovation, criminals are not far behind. The latest example is crypto fraud. Criminal enforcement is not a sufficient remedy for victims. The professions have to arm themselves to help clients who have been the victims of fraudsters who offer unbelievable returns in fake offerings, or who create false crypto assets and false exchanges, and then hide the proceeds of crime through complex webs.
“London has long been a preeminent financial and professional centre, but sadly it may also be evolving into a centre for international financial crime. CFAAR is in a unique position to form networks and develop solutions to prevent and aid victims of exploitation,” he continued.