CONFERENCE DAY ONE

Tuesday, 13 June 2023

9:00  Co-Chairs' Opening Remarks

9:15  CRYPTO

And Digital Asset Primer

Understanding, Detecting and Recovering Crypto and Digital Assets: Developing an Understanding of What Digital Assets Are, and Common Misconceptions that Can Derail Your Case

For many fraud and asset recovery practitioners, the areas of digital assets and smart contracts are not well understood and create a variety of issues and challenges.

Join us in this two-part session as we:

1) Define and unpack the complexities of detecting fraud and tracing assets across the chain, such as:

• Crypto Assets & The Blockchain

• The Metaverse

• Decentralized Autonomous Organizations (DAOs)

• Non-Fungible Tokens (NFTs)

• Smart Contracts

• Decentralized Finance Bridges (DeFis)

2) Examine the latest developments and best practices for tracing and recovering these assets, including:

• Is Crypto fraud trending towards becoming an existential threat for fraud and asset recovery practitioners?

• Are crypto assets treated as traditional assets for the purpose of asset recovery?

• Do mixers/tumblers stop asset recovery in its tracks?

Jessica Lee Partner Brown Rudnick (UK)

Michael Adkins Partner Collas Crill (Guernsey)

Marc Jones Partner Stewarts Law LLP (UK)

Maurice Crespi Partner Schindlers Attorneys (South Africa)

DeFi Litigation and the Legal Duties of Blockchain Developers: The Ongoing Impact of the Tulip Trading Appeal

As a result of the Tulip Trading matter, the UK Court of Appeal has in essence found that the developers of a given network may be a sufficiently well-defined group to be capable of being subject to fiduciary duties; in that “property” has been entrusted into the care of the developers — the developers therefore may have fiduciaries.

The Court of Appeal has ruled that those claims give rise to a "serious issue to be tried" and should therefore proceed to a full trial in London. Join us in this critical discussion as we look at:

• The impacts of this decision on appeal

• The importance of establishing jurisdiction

• What can happen with the legal structure for the DeFi sector

Matthew Lavy Barrister

4 Pump Court (UK)

Sheila Ng Partner

Rajah & Tann Singapore LLP (Singapore)

Mohamed Sacranie Associate Allen & Overy LLP (UK)

Unpacking the Knowns and Unknowns of Handling Crypto Disputes: The Newest Lessons Learned for Practitioners – and What it Takes to Recover for Your Client

A lot has been said about the high-tech nature of blockchain and cryptocurrency; and has created numerous challenges for fraud and asset recovery practitioners - particularly around the standard suite of relief for fraud victims. The unknowns and new lessons in crypto fraud and asset tracing expand every day, and no practitioner can afford to fall behind in this emerging area of law.

In addition, there is a lot of uncertainty regarding the underlying substantive crypto claims relating to fraud, where there arguably remain more questions than answers. Join this session to take a deeper dive into crypto disputes and consider issues such as:

• The types of substantive claims relating to crypto fraud, the potential pitfalls and strategic considerations

• How fraudsters are using blockchain to conceal their activity and evade detection

• How crypto fraudsters commonly seek to off-board fraudulently obtained crypto or fiat

• Judicial powers in multiple jurisdictions to recognize and ID crypto asset owners; and how they can trace and transfer ownership

• Understanding some of the unique and advanced types of crypto fraud; including: scam ICOs, pump and dump schemes, exit scams, phishing and advanced ponzi shemes

• The best strategies for serving freezing orders and injunctions against unknown individuals and organizations

• The known unknowns in crypto disputes that will impact fraud claims: good faith, money vs commodity, DAOs, flash loan exploits and more

Sophie Eyre Partner Bird & Bird (UK)

Dani Haston Head of Global Asset Management Chainalysis, Inc. (UK)

Evelyn B. Sheehan Partner Kobre & Kim (USA)

William E. Turner Shareholder Greemberg Traurig, LLP (USA)

14:00

Crypto Exchanges, their Duties of Care and Liability: When A Crypto Exchange Could Be Found Negligent for Failing to Prevent Fraud of a Customer or Shareholder

Crypto Exchanges and their employees are usually in a position that may enable them to spot and block or report suspected fraud. However, what is the potential civil liability for failing to spot potentially fraudulent behavior? For Exchanges, there is the particular risk of the civil liability imposed on them for failing to spot fraud negligently (as opposed to deliberately).

Does an Exchange owe a duty of care to customers? Join us in this session as we discuss some of the expected (and unexpected) scenarios in which an Exchange can be liable for fraud; and the barriers to recovery.

Dan Wyatt Partner Reynolds Porter Chamberlain LLP (UK)

Christopher Noel Associate Sequor Law (USA)

Wern-Jhien Yam Partner

Setia Law LLC (Singapore)

Justina Stewart Barrister Outer Temple Chambers (UK)

15:00

A View from the Enforcement Agencies: Is Global Regulatory Standardization a Reality?

Having certainty over the classification of digital assets means that claimants can better predict what remedies will be available to them. However, consistency in discovery and enforcement across the globe is a major challenge for digital asset tracing and recovery practitioners.

Join this discussion as we discuss the scope of cross-border coordination, and the potential for industry to work with regulators constructively for the benefit of consumers.

MODERATOR:

Adam Fee Partner Milbank LLP (USA)

16:15

Crypto Fraud in Emerging Markets: Detecting Fraud and Tracing Digital Assets in “Unbanked” Jurisdictions

Crypto and fintech startups are originating in many markets that do not have well-established banking systems. This has led to increasing uncertainty in the ways that foreign investors approach opportunities in these new markets. The lack or established regulation and potential for widespread fraud provides crypto fraudsters with numerous opportunities to execute their tactics and explore multiple ways to commit digital asset fraud.

Be sure to join us in this session as our panelists explore strategies for detecting and preventing fraud in these new markets; along with ways to track and recover fraudulently obtained digital assets in jurisdictions without established case law and regulatory agencies.

Sam Goodman Barrister Twenty Essex (UK)

Racheal Muldoon Barrister Maitland Chambers (UK)

Saima Hanif KC Barrister 3 Veralum Buildings (UK)

17:00

How to Actually Make a Recovery for Your Client? Law v. Persons Unknown: The High Court’s Imaginative and Novel Avenue of Relief for Victims of Crypto Fraud –That All Pracitioners Should Know About

Too many times the story is a sad one with victims of fraud losing all of their funds and retirement savings. Be sure to join us in this session to share in a step-by-step approach to recovering assets of a fraud victim through the lens of three different crime fighters.

Ashley Fairbrother Partner Edmonds, Marshall, McMahon (UK)

Carmel King Director Grant Thornton UK LLP (UK)