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.
<h2 class="post-title">U.K. Law firms Launch the First Crypto Anti-Fraud Network or CFAAR</h2>
A group of top lawyers firms in the U.K. has <a href="https://www.cityam.com/london-law-firms-launch-first-global-crypto-fraud-network/" target="_blank" rel="nofollow noopener">launched</a> 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 <a href="https://www.cryptoknowmics.com/news/advertising-standards-authority-of-uk-issues-a-red-alert-about-crypto/">crypto industry</a>, 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:

<em>"London has long been a pre-eminent financial and professional center, but unfortunately it may also be turning into a center for international financial crime. CFAAR is uniquely placed to build networks to develop remedies to prevent exploitation and to assist victims."</em>
<h2><strong>Eight Founding legal Team Members is Launching the CFAAR</strong></h2>
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.

<em>“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,”</em> reads the announcement release.

The launch of the CFAAR network is <a href="https://www.cryptoknowmics.com/news/uk-financial-watchdog-will-spend-11m-to-warn-investors-of-crypto-risks/">attributed</a> 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.”

U.K. Experts Launch (CFAAR) Crypto Fraud and Asset Recovery Network

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.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

U.K. Experts Launch (CFAAR) Crypto Fraud and Asset Recovery Network

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