UK News
London and Manchester-based law firm Brandsmiths, has created a brand-new service that seeks to radically transform the recovery of cryptoassets, following its landmark case, which confirmed the status of cryptoassets as property, and secured the UK’s first proprietary injunction over cryptocurrency.
Combining investigations and asset tracing, litigation, realisation services and technology, the firm now seeks to deliver a one-stop-shop for recovering digital assets like cryptocurrencies and NFTs that is fresh for the market, founded on precedent-setting experience and know-how.
Brandsmiths has partnered with Chainalysis and Asset Reality to bring its solution to market. Chainalysis is the world’s most comprehensive cryptocurrency investigation and transaction monitoring solution. Their platform powers investigation, compliance, and risk management tools which have been used to solve some of the world’s most high- profile cyber criminal cases and grow consumer access to cryptocurrency safely.
Asset Reality joins the partnership, both in its capacity as an investigations advisory specialist and strategic cryptocurrency and complex assets custodian, managing and realising confiscated assets for public and private sector clients. Trusted by government agencies and insolvency practitioners around the world, Asset Reality deals with every category of digital and physical asset managing and recovery, management and sale on a client’s behalf.
Founder of Asset Reality, Aidan Larkin says “Cryptoassets present unique challenges when trying to recover and seize them and having an experienced network of professionals at each key stage of the process is vital. We are delighted to be working with partners who can deliver world class solutions to help victims and creditors recover their funds”.
These services will be combined with Brandsmiths’s unique litigation capability to provide a single access point for clients to trace and regain access their assets.
Founding Partner of Brandsmiths, Adam Morallee comments: “The general perception of crypto assets being harder to trace and recover than traditional currencies simply isn’t true. It’s our job to make that known and provide the solution.”
The need to develop the industry’s most efficient recovery is driven by unprecedented demand. The cost of ransomware is trending upwards at an exponential rate and global costs due to cyber attacks is estimated to reach £16bn this year, an increase from estimated damages of £8.2bn in 2019 and £5.5bn in 2018*.
Since its launch in 2014, Brandsmiths has helped a range of entrepreneurial free-thinkers, particularly leading digital platform businesses, make the most of their creative ideas and their most valuable assets. This new venture aims to protect those clients, and many others like them, helping them exercise their right to recovery in an area known for its opacity and complexity.
Cryptocurrency Expert and Brandsmiths Associate Matt Green concludes “From trading scams and hacks to ransomware and fraud, cybercrime can take many forms. The common misconception is that victims cannot recover cryptoassets because those committing the crimes are anonymous, and victims have to compile a fragmented team of individual experts to get consider their case. This partnership allows us to trace and identify illicit activity, then freeze and recover cryptoassets all under one roof. This simplifies the process and gives clients peace of mind, knowing a single, tried and tested team is pushing in one direction”.
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