Crypto experts in the UK legal industry Announce The cryptographic fraud and asset recovery (CFAAR) network was launched to provide remedies for crypto-related fraudulent activities.
This group includes various professionals, such as “lawyers, barristers, forensic accountants, corporate intelligence and asset recovery experts.”
The launch of the CFAAR network was attributed to an increase in fraudulent activities involving theft, initial coin offerings and ransomware attacks. Through a joint approach of legal experts, CFAAR’s team intends to “forcefully and effectively respond” to cryptocurrency crime and fraud by providing the “best remedy”.
The founding members of the UK encryption legal team are Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and 20 Essex. The announcement stated:
“[CFAAR] Including practitioners who led the first batch of crypto-related disputes in the UK courts, as well as practitioners who actively participated in global crypto fraud investigations, forensics, publicity, and pioneering methods of crypto asset tracking and recovery. “
Although the network seeks the further participation of encryption experts, it has clarified its intention to “become an authoritative and independent voice in judicial and regulatory review and consultation related to encryption.”
Lawrence Collins, former Justice of the Supreme Court of the United Kingdom, said in quoting this new release:
“Criminal enforcement is not an adequate remedy for victims. London has long been an excellent financial and professional center, but unfortunately, it may also be becoming a center of international financial crime.”
A recent report emphasized The rise of crypto scams, According to statistics provided by the City of London Police and the Crown Prosecution Service. Although the current survey results indicate that there is no direct threat, CPS estimates that as citizens continue to choose online services, 86% of the total number of reported frauds is related to the Internet.
The report found that of the 27,187 reported cyber crimes, nearly 21% were related to cryptocurrency investments. However, from a larger perspective, crimes related to cryptocurrency accounted for only 0.6% of the total number of 822,276 fraud cases.