Defending Clients Against Charges Involving Cryptocurrency Fraud
There are more cases of fraud in the crypto space every year. Financial losses involving cryptocurrency rose significantly to $2.2 billion in 2024. The victims involved in these cases face a daunting task as they seek ways to recover their money, especially in cases where the fraudsters are largely anonymous. Let’s look at the unique aspects of representing individuals accused of crimes related to digital currencies.
What Is Cryptocurrency Fraud?
Cryptocurrency fraud involves using deceptive practices to exploit the vulnerabilities of digital currencies. For example, a fraudster may meet potential victims on social media platforms or through dating apps. After building a level of trust, the fraudster persuades the victims to join fake websites where they are encouraged to invest. The victims later discover that they have lost access to their money and the promised profits.
The Unique Aspects of Representing Individuals Accused of Crimes Related to Digital Currencies
Defending clients against charges involving cryptocurrency fraud is complex for various reasons, including:
- Legality of Cryptocurrency Trading: Trading in cryptocurrency is not illegal. However, when an individual is accused of cryptocurrency fraud, an attorney must demonstrate that the individual did not knowingly engage in transactions involving funds from illegal activities.
- Proving Lack of Intent: A defense team must show that the accused did not intend to further any illegal financial activities or conceal the unlawful origin of cryptocurrency proceeds.
- Challenging the Prosecution’s Claims: A defense attorney must argue that the accused was unaware that illegal proceeds were involved. This involves proving a negative, requiring the attorney to explain why the government lacks evidence to prove the defendant’s knowledge and intent beyond a reasonable doubt.
- Addressing Bias Against Cryptocurrency: Lastly, a defense attorney must convince jurors that cryptocurrency transactions are legal and legitimate. Since cryptocurrency itself is not inherently suspicious, the attorney can use thorough cross-examination of government witnesses to establish its legitimacy.
Legal Defense for Cryptocurrency Crimes
If you are facing any type of cryptocurrency crime, you need the services of expert attorneys to launch your defense. At Morris & Dean, LLC, we often adopt a multi-pronged approach that includes the use of experts, robust frameworks in collecting evidence, and expanded legislation to ensure we defend you against the crimes you are accused of.