Blockchain & Cryptocurrency Law Firm
The world of cryptocurrencies and blockchain technology has witnessed exponential growth and widespread adoption in recent years. As the use of crypto assets becomes more pervasive across various industries and sectors, so too has the prevalence of crypto-related disputes. From individuals facing cryptocurrency fraud to companies navigating complex shareholder disagreements, the need for specialised legal expertise in this domain has never been more critical.
At Oon & Bazul, our cryptocurrency lawyers have honed their skills to navigate this intricate landscape. We recognise that the digital nature of cryptocurrencies demands innovative approaches and a deep grasp of blockchain technology. Our law firm’s up-to-date knowledge and expertise in blockchain and cryptocurrency dispute resolution allow us to offer clients legal solutions to protect their interests and achieve fair resolutions in this rapidly evolving industry.
Services in Crypto Disputes
From fraud and asset tracing, shareholder and fund disputes, and insolvency and restructuring, our lawyers are regularly instructed on disputes involving cryptocurrencies and other digital assets in and outside Singapore. Our team combines market-leading legal expertise with the necessary technical knowledge of crypto assets to effectively support our clients in this area.
The team has a strong track record of supporting clients across a range of disputes, including:
- Cryptocurrency Fraud, Tracing, and Recovery
- Crypto fund Disputes
- Shareholder Disputes
- Restructuring and Corporate Recovery Involving Crypto Assets
The Role of Oon & Bazul in Resolving Crypto Disputes
Our law firm is committed to providing you with comprehensive and tailored legal solutions to help you resolve your cryptocurrency disputes and give you peace of mind.
Our cryptocurrency lawyers will collaborate closely with you to fully understand your specific objectives and concerns. They also stay updated on the latest advancements in the industry to ensure they have a solid grasp of the technicalities of blockchain and cryptocurrencies that are essential for crafting effective legal strategies. Throughout the resolution process, we maintain open and transparent communication with you, providing regular updates and explaining the legal intricacies clearly and in a way you can understand. We strive to empower you with the knowledge you need to make informed decisions, working collaboratively to achieve the best possible outcome.
Our team of cryptocurrency lawyers works hand-in-hand with technical experts to gain a comprehensive understanding of the technological aspects central to each case. This unique collaboration ensures that we approach crypto disputes with a holistic perspective, combining legal acumen with technical prowess.
By leveraging the expertise of these technical partners, we can present well-informed arguments and develop innovative solutions tailored to each dispute. This multidisciplinary approach sets Oon & Bazul apart, enabling us to navigate the intricate world of blockchain and cryptocurrencies with confidence and competence.
Our team of litigation and dispute resolution lawyers boasts extensive experience in various cryptocurrency dispute resolution methods, including mediation, arbitration, and litigation. We recognise that not all disputes require traditional courtroom proceedings, and alternative methods can often lead to faster and more cost-effective resolutions.
Through skilled mediation, our lawyers can foster open dialogue and guide parties towards a resolution that meets their interests and preserves relationships. Should it lead to arbitration, our law firm’s arbitration experience allows us to handle complex crypto disputes while maintaining confidentiality and expediency efficiently.
In situations where litigation becomes necessary to protect your interests, our legal team is well-prepared to advocate vigorously in court. We combine our deep understanding of blockchain and cryptocurrencies with robust courtroom skills, ensuring our clients’ rights and assets are vigorously defended.
Expertise of Oon & Bazul in Crypto Disputes
Oon & Bazul is a law firm that has been established since 2002. Since our inception, we continuously expand our knowledge on a variety of areas that require legal solutions, including cryptocurrency and blockchain disputes.
Case Studies for Cryptocurrency Disputes
These are the cryptocurrency and blockchain disputes our law firm has worked on.
Background of the Case
The case involved reclaiming approximately 1,400 bitcoins (valued at approximately US$77 million at the relevant time) that had been stolen from the client’s cryptocurrency wallet while the client was in Australia. The team successfully traced the bitcoins to specific Bitcoin addresses held by a cryptocurrency exchange headquartered in Singapore.
Our Law Firm’s Methodology and Approach
Bazul’s team obtained a worldwide Mareva injunction from the High Courts of Singapore, preventing unknown defendants from dissipating their assets. The team secured third-party discovery from a cryptocurrency exchange and related entities, revealing that the stolen Bitcoins were controlled by six individuals, four of whom had Hong Kong identity cards, and two had Russian identity cards.
The disclosed information led to proceedings being initiated in the US and Hong Kong to recover the stolen Bitcoins. The team also obtained court orders allowing the disclosed documents to be used in foreign civil, criminal, and regulatory proceedings against the Singapore defendants and third parties. Moreover, permission was granted to use the relevant documents and information for the purpose of obtaining third-party funding in the foreign jurisdictions involved.
Learn more about the largest cryptocurrency recovery claim in Singapore.
Understanding Various Types of Blockchain and Cryptocurrency Disputes
Get in-depth information on the different cryptocurrency and blockchain disputes and how our cryptocurrency lawyers can help you.
Cryptocurrency fraud refers to deceptive practices aimed at unlawfully obtaining digital assets or deceiving individuals to invest in fraudulent schemes. Common forms of fraud in the crypto space include phishing attacks, fake initial coin offerings (ICOs), Ponzi schemes, pump-and-dump schemes, and fraudulent investment platforms.
Tracing and recovering stolen or lost cryptocurrencies can be complex due to the pseudonymous nature of blockchain transactions. However, we can employ various techniques such as blockchain analysis, data analytics, and cooperation with law enforcement and cybersecurity experts can aid in identifying the perpetrators and tracing the flow of funds. Our crypto fraud lawyer can help you in the recovery process by collaborating with cryptocurrency exchanges and authorities to freeze and retrieve stolen assets.
Cryptofund disputes often arise due to disagreements among investors, fund managers, or third parties involved in cryptocurrency investment vehicles. Disputes may revolve around investment strategies, fund performance, breaches of fiduciary duty, mismanagement, valuation of assets, and fund governance. Mediation, arbitration, or court litigation may be employed to address conflicts and arrive at fair resolutions. Our lawyers can help you understand the different regulations and contractual agreements so you can protect your interests as an investor and ensure compliance with relevant laws.
Shareholder disputes in the blockchain and cryptocurrency sector may involve disagreements over corporate governance, voting rights, equity ownership, profit distribution, or strategic decision-making. These conflicts can arise within startups, ICO-funded companies, or established crypto enterprises. Our law firm has extensive knowledge of cryptocurrency and blockchain dispute resolution and can provide assistance with mediation, protecting minority shareholders’ rights, enforcing shareholder agreements, and seeking judicial remedies when necessary.
Restructuring and corporate recovery involving crypto assets require careful consideration of regulatory compliance, asset valuation, creditor rights, and the unique challenges of managing digital assets. The complexities of blockchain-based assets can pose additional hurdles during insolvency proceedings or restructuring efforts. We have cryptocurrency lawyers who can aid you in navigating through the complex regulatory landscape surrounding cryptocurrency assets during restructuring and recovery with their understanding of bankruptcy, insolvency, and tax regulations.
Compliance and Regulatory Considerations in Crypto Disputes
The blockchain and cryptocurrency industry operates in a dynamic regulatory environment, and adherence to compliance measures is essential to avoid legal disputes. Our cryptocurrency lawyers understand the critical role they play in helping businesses and individuals comprehend and comply with the regulations governing crypto transactions.
The following aspects highlight the importance of compliance and regulatory considerations in handling crypto disputes:
Crypto disputes fall under the purview of various legal frameworks and regulations, and these can vary significantly between jurisdictions. We have cryptocurrency lawyers that can give you insights into the evolving legal landscape, always staying up-to-date with relevant laws, securities regulations, AML requirements, and consumer protection measures that impact the handling of blockchain and cryptocurrency transactions. With their expert guidance, you can understand your rights and responsibilities in crypto disputes within the bounds of the law.
Businesses operating in the blockchain and cryptocurrency space are subject to stringent compliance requirements to mitigate legal risks and foster a secure ecosystem.
- Know Your Customer (KYC) Procedures: Implementing KYC procedures is crucial for businesses to verify the identities of their customers. Proper identification helps prevent fraudulent activities and ensures adherence to AML regulations.
- Anti-Money Laundering (AML) Policies: AML policies are essential to detect and report suspicious activities, thereby reducing the risk of money laundering and other illicit practices.
- Data Protection Regulations: As digital assets involve the handling of personal information, compliance with data protection regulations becomes essential to protect customers’ privacy and maintain data security.
- Securities Laws Compliance: When conducting token sales or offering financial products through Initial Coin Offerings (ICOs) or Security Token Offerings (STOs), compliance with securities laws is paramount to avoid legal disputes and regulatory penalties.
Our cryptocurrency lawyers can guide businesses and individuals operating in the crypto space by assisting them in the intricate regulatory challenges and ensuring legal compliance through the following:
- Obtaining Necessary Licences and Registrations: We can help businesses understand the licensing requirements specific to their operations and assist in obtaining the necessary approvals and registrations from relevant authorities.
- Developing Robust Compliance Programs: Crafting comprehensive compliance programmes tailored to the unique needs of each business is crucial. These programmes are designed to proactively address potential regulatory risks and promote a culture of adherence to the law.
- Regulatory Due Diligence: Our cryptocurrency lawyers can conduct thorough regulatory due diligence to assess compliance gaps and provide recommendations to bridge them, helping businesses avoid potential legal pitfalls.
Preventive Measures for Avoiding Blockchain and Cryptocurrency Disputes
Our law firm recommends taking a proactive approach to preventive strategies so you can significantly mitigate the risk of cryptocurrency disputes and safeguard your interests.
Practise these tips to prevent the risk of cryptocurrency disputes:
- Secure Custody Solutions: To prevent disputes arising from asset loss or theft, you should prioritise secure custody solutions, such as hardware wallets or reputable custodial services. Keeping private keys secure and implementing multi-factor authentication also add an extra layer of protection.
- Thorough Due Diligence: If you run a business, you must research potential collaborators, verify their credentials, and assess their reputation in the crypto community. Similarly, if you invest as an individual, you must exercise caution and thoroughly research investment opportunities before committing to your funds.
- Vigilance Against Phishing and Scams: Remain vigilant and be cautious of unsolicited messages, suspicious websites, and offers that seem too good to be true. Implementing email security measures and staying informed about common scams can help avoid falling victim to fraudulent schemes.
- Education and Awareness: Invest in educating yourself about the risks and best practices in the crypto industry. Understanding the mechanics of blockchain technology, potential vulnerabilities, and the importance of compliance can empower stakeholders to make informed decisions and avoid potential pitfalls.
Before partnering with shareholders or other entities, you must be vigilant and meticulous regarding contractual clauses and agreements. Here is what you need to know:
- Well-Defined Terms: Contracts should specify all parties’ rights, obligations, and expectations. The inclusion of detailed descriptions of services, deliverables, and payment terms can set a strong foundation for a smooth business relationship.
- Dispute Resolution Mechanisms: Proactive dispute resolution clauses can facilitate efficient conflict resolution in case disagreements arise. Consider including mediation or arbitration clauses that promote fair and cost-effective resolution outside of court litigation. Tailoring these mechanisms to the specific needs of the parties can save time, resources and foster cooperation.
- Smart Contracts and Escrow Arrangements: Smart contracts, powered by blockchain technology, can automate transactions and ensure that predefined conditions are met before the release of funds or assets. Escrow arrangements can provide an intermediary to hold funds until agreed-upon conditions are fulfilled, reducing the risk of fraudulent activities and increasing trust between parties.
- Get Legal Advice: Should you need assistance in contract creation or understanding the terms and conditions of the contract given to you in relation to cryptocurrency and blockchain, you can seek help from a cryptocurrency lawyer.
Before getting into any crypto transactions, we advise you to consider the following to minimise disputes:
- Vetting Counterparties: When engaging in business transactions, individuals and businesses should vet their counterparties carefully. Requesting references, checking their track record, and verifying their legitimacy can prevent entering into agreements with unreliable or fraudulent parties.
- Thoroughly Assessing Investment Opportunities: Conducting thorough due diligence on projects or ICOs is vital for those considering investments in the crypto space. Scrutinising the team’s background, project details, whitepapers, and roadmap can help identify potential red flags and avoid fraudulent or poorly managed ventures.
- Compliance Check: Businesses must ensure that their operations, offerings, and transactions adhere to relevant laws and regulations in their respective jurisdictions. Engaging lawyers familiar with blockchain and cryptocurrency regulations can aid in navigating the compliance landscape.
