Bitcoin and cryptocurrency fraud can be committed for various reasons, including blackmail and money laundering. There are sanctions for fraud and legal avenues for victims in criminal and civil proceedings. Fraud in Germany is defined under § 263 StGB, and it states the following:
Whoever, with the intention of obtaining an unlawful pecuniary benefit for themselves or a third party, damages the assets of another by causing or maintaining an error under false pretences or distorting or suppressing true facts incurs a penalty of imprisonment for a term not exceeding five years or a fine.
Bitcoin & cryptocurrency fraud can take different forms. From cold calling by fraudsters to potential investors getting involved with what amount to scams, to fake websites and stolen digital wallets through hacking. Cold calling, in particular, by alleged “traders” and cryptocurrency experts can lead to inexperienced investors being involved with fraud. Due to technological developments and other innovations, keeping ahead of fraudsters can be very challenging.
Being the victim of such a scam can leave you in a difficult situation, as often such scams can cost significant amounts of money. Our lawyers will assist you with closing bank accounts, tracking where your funds have gone, tracing the fraudster and outlining the legal options available.
Money laundering and blackmail offences are often connected to Bitcoin and other cryptocurrency fraud. Money laundering is an offence under § 261 StGB, and blackmail or extortion is covered under § 253 StGB, and both violations can lead to fines and prison sentences for those involved.
If you have been the victim of such matters or are being accused of such activity and require legal advice, don’t hesitate to contact our firm directly. If you have been the victim of such matters, consult with our team for advice on identifying the perpetrators, and they will advise you on the level of proof needed in a civil court action.