New technologies are changing the ways people invest or transfer money. In today’s digital world, some of these new technologies appear before they are fully understood. Recently, the fraudulent use of Bitcoin and other similar cryptocurrencies have gained attention from federal agencies, resulting in serious penalties for those charged with associated cyber crimes.
The development of digital or virtual currencies, like Bitcoin, has opened up a whole new world for the digitally inclined. These cryptocurrencies include any type of cloud-based digital currency. It is still possible to commit fraud, money laundering, or even make illegal purchases or sales using cryptocurrencies. If you are charged with cryptocurrency fraud, it is crucial that you seek the help of an experienced cryptocurrency attorney to protect your rights.
Cryptocurrency and Bitcoin Fraud
Bitcoin and the blockchain technology was created in 2009 as the first decentralized virtual currency. It allows individuals to transfer funds without a central bank or third-party administrator, which essentially removes a central authority and helps cut transaction fees. Bitcoin users can remain anonymous and are, in many ways, using a digital wallet that nobody else can see. Since the formation of Bitcoin, many other cryptocurrency competitors have been created. Popular cryptocurrencies include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
While these are a few of the biggest cryptocurrency platforms, there are others out there. Also emerging are fraudulent cryptocurrency investment schemes including fraudulent initial coin offerings (ICOs). Any type of theft or fraud committed on any of these currency networks could result in serious criminal penalties and legal consequences.
Defense Against Cryptocurrency Fraud Charges
Cryptocurrency fraud is new, and therefore difficult to track and, sometimes, difficult to prove. At Haas Law, our mission is to stay in front of emerging crimes, learning all necessary aspects of cybercrimes as they apply to the digital world. We use cutting-edge defense strategies to help advocate for your rights and protect your future.
The federal government is aggressive in doling out punishments to those found guilty of fraud. Crypto fraud can be punishable by upwards of 20 years in prison. Very few criminal defense attorneys have experience with crypto investigations or prosecutions. That is not true of Haas Law. For years, criminal defense attorney David Haas has been at the forefront of crypto prosecutions. We can work with you to assess your situation, gather documents and information pertinent to your case in order to build a strong defense on your behalf.
If you are under investigation for cryptocurrency fraud, take immediate action to defend yourself and contact Haas Law at 407-755-7675.