Question 1

How long does a crypto fraud investigation take?

Accepted Answer

In the UK, fraud and cybercrime investigations typically take a minimum of one year to conclude. They can sometimes last two or three times as long as that. Police and other agencies are often relying on specialist technical advice from outside. The evidence they are trying to gather comes from different sources, including devices seized, other investigations, ISP data and financial records from various institutions including banks. This is a fairly difficult operation to manage, and investigators are often running the whole thing on a restricted budget. If the decision is made at the end of the investigation to bring the case to court, it will likely be several months more before it is finished.

Question 2

Will I get devices back in a crypto fraud case and when will this happen?

Accepted Answer

Police and other investigators have powers to seize evidence that may be relevant to their investigation, but they do not have a right to keep those devices longer than necessary. This means that if computers or hard drives can be 'mirrored' and returned to a suspect with their data intact, they should be. If the devices could be used to commit further offences, police may refuse to return them and ask the court for permission for them to be destroyed at the end of the case. Drives containing cryptocurrency blockchain information are more likely to be treated as an asset and unlikely to be returned early.

Question 3

Do I have to give up passwords if I'm accused of crypto fraud?

Accepted Answer

If the police ask you to provide a password informally, you don't have a legal duty to do so. But 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 have forgotten it, this is a defence, but you may have to persuade a court that this is genuine. The sentence for a s. 49 offence 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 if it involves terrorism).

Question 4

Could my family be dragged into my crypto fraud case?

Accepted Answer

If family or friends have had large amounts of money going through their bank accounts, you should be ready for the possibility that they will also be arrested. This also applies if you're being investigated by the police and your friends or family members' devices or internet have been used. This doesn't necessarily mean that they will be charged or convicted, although if money has gone through someone's account, the default position of a prosecutor is often to take that person to court. If you or a friend/family member are in this position, you need specialist cryptocurrency fraud legal advice.

Question 5

Should I tell the police everything now to speed up my crypto fraud case?

Accepted Answer

Trying to assist the police as much as possible, by cooperating as much as you can and hoping they go away, is nearly always a bad idea. The police and investigators have no duty to be open and frank about the evidence against you and they will not usually reveal this until much later. They may hope that you come to them with a full account to help their case, but it's important to remember that they do not open an investigation until they have already formed a view that you may be guilty. This means that their goal is often already for you to be convicted and sentenced, not just to find out what has happened. Trying to help them, or refusing your right to a lawyer, doesn't speed things up, and generally puts you at greater risk.

Cryptocurrency fraud cases are technical and slow. Our experts can steer you through.

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