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New York Cryptocurrency Lawyers

New York Cryptocurrency Lawyers

Experienced New York Cryptocurrency Attorneys Ready To Serve You

The so-called “cryptocurrencies,” such as Bitcoin, are a medium of exchange that constitutes a sort of virtual currency. Unlike conventional currencies, no government or bank issues cryptocurrencies. Instead, they rely on peer-to-peer networks to function. Many large companies now accept cryptocurrency as a legitimate payment method, and major trading markets exchange cryptocurrency for conventional currency.

Cryptocurrencies are by their nature distributed rather than centralized. Notwithstanding the distributed nature of cryptocurrency, New York is poised to serve as a global financial hub for cryptocurrency activities. The New York cryptocurrency lawyers at E. Stewart Jones Hacker Murphy are well positioned to serve your needs due to our years of relevant experience.

Opportunities and Dangers

Although the first cryptocurrency appeared in 2008, it did not become widely accepted until about 2015. In little over a decade, the appreciation of cryptocurrency has been phenomenal. Bitcoin, for example, began trading at $0.08 in 2010 but broke the $50,000 barrier in February 2021.

Is cryptocurrency experiencing a bubble? Or is it simply an innovative solution to a demand that has been growing for decades? We’re betting on the latter, but not without a healthy dose of caution.

The management and evaluation of cryptocurrencies generates both opportunity and danger, as well as a multitude of complex legal issues. In many ways the cryptocurrency revolution brings to mind the widespread use of derivatives in the 1980s—you can make a fortune out there, but you’d better know what you are doing. Beware—when it comes to cryptocurrencies, some of the greatest fraud opportunities arise from the sheer complexity of the system.

The Weaknesses of Cryptocurrency Transactions

Notwithstanding the efficiencies and conveniences of the cryptocurrency revolution, virtual currency suffers a number of disadvantages, including:

  • You cannot automatically reverse payments. The only way to get your money back from an unwilling vendor is to file a lawsuit. You will almost certainly need a New York cryptocurrency attorney to win.
  • Hackers love cryptocurrency exchange platforms. Many people have lost fortunes this way.
  • Fraud is even more common in cryptocurrency transactions than it is in other types of transactions.
  • The FDIC does not protect cryptocurrency investments, at least for now.

Moreover, the values of most cryptocurrencies, including Bitcoin, fluctuate wildly. This instability has caused some to question whether cryptocurrency investment is more akin to gambling than it is to traditional investing.

How We Can Help

Stewart Jones Hacker Murphy can help you handle the complex legal issues that arise from cryptocurrency transactions.

Fraud Prevention and Litigation

Cryptocurrency fraud, unfortunately, comes in a variety of different flavors:

  • Blackmail: Fraudsters often seek out damaging information about your company or its personnel and then demand “hush money” in cryptocurrency.
  • Imposter cryptocurrency investment websites: Always look for https in the address bar as well as the small lock icon near the address bar to confirm the legitimacy of the site. Be especially careful to spot legitimate-looking websites that substitute a 0 (zero) for an “O” in the URL. If the site sends you to another website for payment, check that site too.
  • Fake cryptocurrency apps: These have been found on Google Play and the Apple App Store.
  • Bogus ICOs (Initial Coin Offerings): This scam is so common that Bloomberg estimates that over 80% of ICOs are scams.

This is only the tip of the iceberg because new scams are being invented every day. An experienced New York cryptocurrency lawyer can perform due diligence to help you identify scams in advance and to fight it out in court if necessary. If someone accuses you of fraud, we can help you defend your interests and your good name.

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  • If I hire an attorney but do not want to go to trial, can I settle?
    In the course of preparing a case for trial, your personal injury attorney will work with the defense attorneys and insurance companies in an effort to secure a fair settlement for you and your family. The final decision to accept an offer of settlement or go to trial is yours alone to make.
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    1. Do not discuss your situation with anyone except your attorney.

    2. Unless your attorney says otherwise, do not discuss your case with law enforcement.

    3. Request to have your attorney present if you are to be put in a lineup or subjected to testing.

    4. Remain calm and courteous. Allow your attorney to speak for you to ensure that your rights are protected and you are given all the benefits afforded to you under the law.
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  • What is the difference between criminal procedure and civil procedure?
    When a crime has been committed, action is taken by a government agency against the person, persons, organization or other entity that violated the law. The first purpose of a criminal prosecution is punishment, which frequently consists of a fine or jail time. In a civil matter, the dispute is between two or more individuals or entities. The first purpose of a civil prosecution is obtaining compensation for the wronged person or entity. Settlement in a civil matter is generally an award of a money judgment. A criminal sentence is not imposed in a civil matter.
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