With the astronomical rise in the value of bitcoin and other similar cryptocurrency, there has been a corresponding increase in the number of cryptocurrency related trading frauds being reported.
The nature, value and type of such scams may vary but they often comprise one or more of the following areas:
phishing
mining
pyramid schemes
fraudulent Initial Coin Offerings (ICOs)
fake exchanges and wallets
pump and dump schemes
Due to the novelty of cryptocurrencies, English law is currently under development. However, in a recent landmark judgment, it was held that victims of cryptocurrency fraud may be able to seek injunctive relief and / or disclosure orders against the perpetrators whether they are known or unknown and whether or not they are located in the UK.
If you believe that you have become a victim of a cryptocurrency scam or would otherwise like to discuss your options, then please contact one of our advisors for an initial free consultation.
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