Technology has changed the way people invest or transfer money. Some of these new technologies appear in today’s digital world before they are fully understood. Recently, federal agencies have been paying attention to the illicit use of bitcoin and other cryptocurrencies, often resulting in severe penalties for those involved.
If you have been accused of engaging in illicit activities involving cryptocurrency including fraud, money laundering, or the purchase of unlawful goods and services, it’s crucial that you seek help from an experienced cryptocurrency lawyer to protect your rights!
Many federal and state agencies have ramped up their efforts to regulate cryptocurrency and blockchain technologies and stop bad actors operating in the space. In particular, regulators have aggressively pursued enforcement actions against individuals that defrauded the public through the use of cryptocurrency. In addition to significant monetary penalties, individuals involved in fraudulent schemes can face up to 20 years of imprisonment.
In addition to the abundance of regulatory actions cryptocurrency and blockchain-based companies have faced in recent years, individuals may also have a private right of action to pursue remuneration for any harm suffered as a result of investing in cryptocurrency. Generally, an individual that invested in a fraudulent cryptocurrency project may be allowed to file a lawsuit and recover their investment within two years of discovering the fraudulent act but no more than five years after the alleged misconduct. Similarly, investors that purchased cryptocurrency in an unregistered and non-exempt offering may be entitled to recover for a decrease in the cryptocurrency’s value, provided they bring their claims within one year of the offer or sale of that cryptocurrency.
We have established a team of lawyers with experience and know-how in the numerous areas surrounding cryptocurrency litigation and Initial Coin Offerings. Kameli Law Group is committed to keeping our customers informed about new legal developments and ensuring compatibility and work closely with our clients to understand their needs, protect their rights and achieve their goals.