Hannah Daw, Paralegal at Wealth Recovery Solicitors in Manchester on how they can help track down your funds and reclaim whatís yours on a no-win, no-fee basis

Simply put, what is a cryptocurrency scam?

A cryptocurrency scam occurs when a victim is presented with an opportunity to earn additional funds, typically through an investment, that is funded with cryptocurrency. There are many ways in which scammers can conduct online trading scams, all whilst appearing legitimate, that can lead to investors and traders losing their money.

Victims may be advised to deposit cryptocurrency into ‘their wallet’ on a fraudulent trading platform. Whilst this creates the illusion that the victim has control over these funds to invest, they are in fact being deposited to the scammers. Some victims are even able to see the profits being credited to their account or are even able to make a withdrawal from the platform. These are common tactics used by scammers to create the illusion of a legitimate investment opportunity. A victim often realises that they have been the victim of a scam when they are unable to withdraw their profits from the account, or they are asked to pay additional fees to access their funds.

How do you help your clients recover any scammed/lost cryptocurrency?

At Wealth Recovery Solicitors we understand the devastating impact that falling victim to an online cryptocurrency scam can have. We understand that it can feel incredibly personal, and victims often feel like there is no one to turn to, to help them during this difficult time. These feelings often mean that a number of online trading scam victims don’t come forward or report the scam, so little is often ever done about them. This doesn’t need to be the case. Wealth Recovery Solicitors offer free initial consultations where a member of our team will be able to gather further information to see if we will be able to assist with your case.

In our experience, the likelihood of recovering the lost investment from the scammers in extremely low. Therefore, Wealth Recovery Solicitors take an alternative route to recovery, which has proven successful. With several services in place to assist, we are experts in this field. For example, the tracing services that we offer can provide vital evidence to support the recovery process, clearly showing the journey of the lost funds. With these services, our team of UK-based specialist solicitors and legal experts can offer confidential support following an online trading scam, whilst working to trace the lost funds using the latest software and technology.

Donald Trump has recently signed an executive order to “establish regulatory clarity for digital financial technology”. What effect will this have over here and on your business?

The Trump administration has made it a priority to develop a regulatory framework for cryptocurrency and digital assets. Whilst the way that this will be done will only become clear further into his presidency, what has already been seen is the increased awareness that President Trump had brought to cryptocurrency. Unfortunately, with this increased awareness brings the increased opportunity for fraudsters to scam victims who are attempting to learn more about investing and cryptocurrency. As a result, it is extremely important to take measures to protect yourself and your investment. For example, checking the FCA register to see if the firm that you want to invest with is regulated by them, and being wary of people offering unrealistic returns.

Tell us about the tracing service that you offer law firms that help with divorce settlements and any feedback you've had from clients.

Wealth Recovery Solicitors offer a wide range of tracing services. This includes conducting investigations and providing reports to assist with divorce proceedings where a person believes that their spouse may have been holding cryptocurrency assets. Despite more than 10% of working age internet users anticipated to hold cryptocurrency or digital assets, this remains to be viewed as a grey area by professionals. This could lead to unfair settlements, if the spouse does not fully understand what they are entitled to or what to look out for. This is where our in-house cryptocurrency experts can step in.

The first step in an investigation is to review the documentation, such as bank statements, that you currently have. Once our team have been able to identify if any of the payments are linked to cryptocurrency, the tracing process can begin. The main aim of this analysis is to identify any actionable information regarding the current whereabouts of the crypto assets.

In addition to this service, Wealth Recovery Solicitors also provide cryptocurrency courses for professionals, such as accountants who are wanting to learn more about cryptocurrency. With the popularity of cryptocurrency and digital assets only expected to grow more in the coming years, this can give professionals the vital information that they need to develop their understanding to assist their clients.

wealthrecovery.co.uk

Hungry for more?

Read up on the latest news, delicious eats, travel treats and seasonal style trends in FEATURES, or browse a curated selection of our FEATURED PRODUCTS, meander through our guide to the finest things to do in Cheshire and beyond in WHATS ON or partake in our COMPETITIONS.

About The CHESHIRE Magazine

We are the definitive guide to luxury lifestyle in the North West. Latest news, delicious eats, travel treats and seasonal style trends. The Cheshire Magazine is the largest luxury lifestyle title for the North West of England, dropping directly through the letterboxes of VIP subscribers from the Wirral to Greater Manchester plus all the villages and towns in between and digitally available as a subscription in print and digital on issuu.com worldwide. We specialise in connecting luxury brands to likeminded consumers.

If you are interested on how you can partner with The CHESHIRE Magazine, read more about us. Or get in touch to find out more about marketing, featuring or partnering with the Cheshire Magazine in print or online.