Open/Close
Close

Challenges in Discovering Perpetrators of International Cryptocurrency Frauds

American Bar Association 05/14/2018
Litigation Attorney Rick Rein
Eric (Rick) S. Rein
Chair | Litigation Group

The use of cryptocurrencies is increasing at a staggering pace. As cryptocurrency use becomes mainstream, its use as a form of payment and storage as an asset will increase across industries and among companies and individuals.

At the moment, the obstacle faced by creditors is to identify the holder and/or recipient of the transaction. Currently, offshore fiduciaries are being used to maintain the computer, private key or Virtual Wallet. Absent jurisdictional authority, a U.S. court is powerless to compel the fiduciary to turn over assets. However, a U.S. court could compel the party to turn over the account or information about the transaction.

Read the full article published by the American Bar Association on April 23, 2018

500 West Madison Suite 3700
Chicago IL 60661

Phone: 312-606-3200 Fax: 312-606-3232
© Horwood Marcus & Berk Chartered 2019. All Rights Reserved.
Close