Question 1

How long will a cryptocurrency confidence fraud investigation take?

Accepted Answer

Investigations into alleged cryptocurrency confidence frauds often take at least a year to investigate, with some lasting considerably longer. This area of law is complex and as it develops, police and other agencies becoming increasingly reliant on specialist technical advice from external bodies. Their enquiries involve gathering evidence from a variety of sources, including devices seized, bank accounts, IP addresses and statements from victims of the fraud. All of these factors make these investigations complicated and therefore time consuming. Should the investigation result in you being charged, it can take months, and in some cases years, before the case is finished.

Question 2

Do I have to provide my passwords to the police in a crypto fraud case?

Accepted Answer

If the police informally ask you for your passwords, you don't have a legal duty to provide them. However, if they make a formal request using a section 49 RIPA (Regulatory Investigatory Powers Act) Notice, you are under a legal obligation to provide a password if it is within your knowledge. If you cannot remember the password, this is a defence, but you may have to persuade a court that this is genuine the case. If you do not comply with a s. 49 notice, you can be charged with a separate offence. The sentence can be up to two years imprisonment, or up to five years if the case involves sexual offences against children or national security (for example terrorism matters).

Question 3

Should I tell investigators everything to speed up my crypto fraud case?

Accepted Answer

While it may seem that co-operating as much as possible will make the police go away, this is far from the reality. There is no duty for the police and investigators to open and frank about the evidence against. As a result, you will remain in the dark about the alleged case. By the time you first meet with the police, they are looking for ways to secure your conviction. So, providing significant unfiltered details, or refusing your right to a lawyer, will not speed up the process. Instead, it will generally put you at greater risk.

Question 4

Will my friends and family be dragged into a crypto fraud investigation?

Accepted Answer

If your family or friends have had large amounts of money passing through their bank accounts and perhaps crypto wallets, or if you have shared their devices or internet, it is possible that they too will be arrested. While it does not necessarily mean they will be charged or convicted, the starting point for a prosecutor is to take that person to court if there is any link to the alleged cryptocurrency confidence fraud. If you are concerned that your friends or family are going to be in this position, they need specialist cryptocurrency fraud legal advice.

Question 5

When will I get devices back from police in a cryptocurrency case?

Accepted Answer

It is almost guaranteed that your phone and other electronic devices will be seized by the police. If they find anything that could potentially support their case, it will remain with them until the case concludes. If you are charged and convicted, the devices can be destroyed. Should you be acquitted, all of the devices will be returned.

However, where nothing of evidential value is found, representations can be made to have those devices returned. Even in this situation, it can take the police months to review and release a device. So, if possible, it is recommended that you make arrangements to purchase a new phone so that you can go about your daily life.

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