HJ Talks: Lawyers on the block

Welcome to the Lawyers on the Block podcast

Roman Kubiak and Kieran Forsyth discuss the biggest crypto and digital asset issues facing professionals and the legal aspects of the crypto markets more broadly. The podcast is published every other Monday. Subscribe using the buttons below.

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Listen to the latest episodes of the HJ Talks: Lawyers on the block podcast using the player below or subscribe to the podcast on iTunes, Spotify or Google to listen to the entire back catalogue of episodes.

Episode 14: The Alpha Crip X Scheme, it’s CrypX

In this episode, the hosts delve into the alarming increase in crypto fraud, which swelled by over 40% in 2023, reaching a staggering 306 million dollars. They discuss common types of crypto scams, including phishing, social engineering, Ponzi schemes, rug pulls, fake NFTs, and fake ICOs. The discussion also touches on the impact of AI in impersonating individuals and the rising sophistication of scams. Listeners are advised to use regulated exchanges, keep their private keys secure, and diversify their investments to mitigate risk. Moreover, the episode briefly mentions future discussions on regulations and further scam prevention methodologies.

Episode 13: A call for tougher laws on crypto

In this episode of Lawyers on the Block, Roman Kubiak and Kieran Forsyth from our Private Wealth Disputes Team discuss the recent lecture by one of the leading judges in the area of crypto recovery who is calling for a more cohesive international approach to aid with litigation in this field.

His Honour Justice Pelling KC, the leading judge in the London Circuit Commercial Court, calls for primary legislation and international arbitration to assist with crypto-asset recovery.

They discuss what the courts in England and Wales are currently doing to address the obstacles faced by victims of fraud when trying to enforce court orders against foreign individuals or entities and the relevant aspects which may further advance asset recovery in the international sphere, concentrating particularly on the element of an international type of arbitration which could be designed specifically for such cases.

Episode 12: FCA sets out new rules on marketing cryptoassets

In this episode of the Lawyers on the Block podcast, Roman Kubiak and Kieran Forsyth discuss the new guidelines set out by the Financial Conduct Authority (FCA) for marketing cryptoassets.

The rules commence on the 8th of October 2023, with the FCA declaring that promotional material for crypto investment offerings will need to be ‘clear, fair and not misleading’, and the risks associated with investing must be always made comprehensible.

A failure to comply with these new regulations could result in a criminal offence, including fines and imprisonment.

They also discuss the impact that these new rules will have on consumers, on those promoting the investments and on the victims of stolen assets.

Episode 11: Crypto Scams

Crypto scams are unfortunately common in the cryptocurrency space. While it’s important to note that not all cryptocurrencies or crypto-related projects are scams, there have been instances of fraudulent activities in recent years.

In this episode of Lawyers on the Block, Roman Kubiak and Kieran Forsyth from the Contested Wills, Trusts and Estates team look at how scammers are able to steal your cryptocurrencies, the types of scams out there, including the Alfa-Crypx / Alpha-Crypx scam, and, crucially, what can you do if you have been a victim of a crypto scam.

Listed below are some other common types of crypto scams to look out for:

Ponzi schemes

Ponzi schemes guarantee large returns on investment to early investors by using funds from later investors. Eventually, the scheme collapses when there are not enough new investors to sustain the payouts.

Multi-level marketing (MLM) schemes

Some MLM schemes use cryptocurrencies as their product, promising high returns for recruiting others into the scheme. These schemes often focus more on recruitment than on legitimate product or service offerings.

Fake initial coin offerings (ICOs)

Scammers create fake ICOs, mimicking legitimate projects, and convince people to invest in their tokens. Once they have raised funds, they disappear, leaving investors with worthless tokens.

Malware and ransomware

Hackers distribute malicious software that can compromise users’ computers or mobile devices. They may gain control over wallets and demand ransom in exchange for releasing the funds.

Pump and dump schemes

Scammers artificially inflate the price of a low-volume cryptocurrency by spreading false information or rumors. Once the price rises, they sell their holdings, causing the price to crash and resulting in significant losses for unsuspecting investors.

Phishing scams

Scammers create fake websites or send fraudulent emails that mimic popular cryptocurrency exchanges or wallets. They trick users into sharing their login credentials or private keys, allowing scammers to gain unauthorized access to their funds.

Fake wallets and exchanges

Scammers create fraudulent cryptocurrency wallets or exchanges that appear legitimate. Users deposit their funds but are unable to withdraw them later.

It’s crucial to exercise caution and conduct thorough research before investing in any cryptocurrency or participating in crypto-related activities. Always verify the credibility of projects, double-check URLs, and use secure and reputable platforms. Additionally you should stay informed about the latest security practices to protect your digital assets.

Episode 10: Tax and Crypto with David Conway