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A consortium of top legal firms in the U.K. has formed the ‘Crypto Fraud and Asset Recovery Network’ (CFAAR) aimed at combating cryptocurrency fraud in light of the increasing fraudulent activities.
U.K. Law firms Launch the First Crypto Anti-Fraud Network or CFAAR
A group of top lawyers firms in the U.K. has launched a network dubbed the ‘Crypto Fraud and Asset Recovery’ (CFAAR), a network aimed at providing redressal against crypto-related fraudulent activities, as well as improve financial literacy through workshops and social events.
With the rapid growth of the crypto industry, crypto-related frauds such as thefts, ICOs, and ransomware attacks have increased significantly wherein the number of those who have become prey to fraud has also increased.
Citing this new launch, former Justice of the U.K. Supreme Court Lawrence Collins said:
Eight Founding legal Team Members is Launching the CFAAR
The eight 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 launch of the CFAAR network is attributed to the rise in fraudulent activities involving theft, initial coin offerings, and ransomware attacks. Through a combined approach from legal experts, the team behind CFAAR intends to “respond robustly and effectively” to cryptocurrency crimes, and frauds or attacks by providing “the best possible means of redress.”