Crypto experts across the United Kingdom’s legal industry have announced the launch of the Crypto Fraud and Asset Recovery (CFAAR) network, aimed at providing redressal against crypto-related fraudulent activities. The group includes a diverse range of professionals such as “lawyers, barristers, forensic accountants, corporate intelligence and asset recovery experts.” The launch of the CFAAR network is due to the rise in fraudulent activities involving theft, initial coin offerings, and ransomware attacks.
The CFAAR will solve crypto crimes and fraud.
The CFAAR’s team intends to “respond robustly and effectively” to crypto crimes and fraud by providing “the best possible means of redress.” The founding members of the U.K.-based crypto legal team are Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts, and Twenty Essex. The announcement stated, “[CFAAR] include practitioners leading the first crypto-related disputes before the English courts, as well as those actively involved in pioneering approaches to global crypto fraud investigations, forensics, advocacy and the tracing and recovery of crypto assets.”
There has been a rise in crypto scams.
A recent report highlighted an oncoming rise in crypto scams based on the statistics laid out by the City of London police and the Crown Prosecution Service. While the current findings suggest no immediate threat, CPS estimates 86% of the total reported frauds to be cyber-related as citizens continue to opt for online services. The report had highlighted that almost 21% of the 27,187 reported cybercrimes were related to cryptocurrency investments. However, the bigger picture shows that cryptocurrency-related crime amounts to just 0.6% of the total 822,276 fraud cases. Bitcoin and many other cryptocurrencies have gained a lot of mainstream exposure this year.