London Law Firms Launch Crypto Recovery Network
Posted by Colin Lambert. Last updated: August 10, 2021
A group of legal industry professionals in the UK comprising lawyers, barristers, forensic accountants, corporate intelligence and asset recovery experts have launched CFAAR – the Crypto Fraud and Asset Recovery network, bringing together some of the world’s leading names in crypto disputes and advisory with the purpose of developing and sharing best practice in this rapidly evolving sphere and placing the UK and common law jurisdictions at centre stage for global crypto dispute resolution.
CFAAR’s founding members – Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and Twenty Essex – say that as crypto-related frauds, such as those involving cryptocurrency theft, initial coin offerings (ICOs) and ransomware attacks, continue to rise in scale and sophistication, the need for the legal industry and its expert service providers to respond robustly and effectively in this nascent area of practice requires a joined-up approach that provides victims of fraud with the best possible means of redress.
The founders 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 cryptoassets.
The network says it is seeking global professionals in the crypto sphere to join an inclusive community that will host regular meetings, seminars, roundtables, conferences and social events to provide opportunities for developing skills, ideas and networks globally, as well as being an authoritative and independent voice in crypto-related judicial and regulatory reviews and consultations. An in-person launch event is planned in London for October 2021.
“Where there is innovation, criminals are not far behind, the latest example is crypto fraud,” says Lawrence Collins (Rt Hon Lord Collins of Mapesbury, former Justice of the UK Supreme Court). “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 cryptoassets and false exchanges, and then hide the proceeds of crime through complex webs. London has long been a pre-eminent financial and professional centre, but unfortunately it may also be turning into a centre for international financial crime. CFAAR is uniquely placed to build networks to develop remedies to prevent exploitation and to assist victims.”