Most cryptocurrency investors are likely aware that the industry is still extremely young. As a result, few avenues are available for recourse when something goes wrong.
This point means that hiring an attorney might be your best shot at getting some semblance of compensation for damages or losses that you’ve suffered as a result of cryptocurrency-related fraud or other misconduct.
However, there are many different types of cryptocurrency lawyers out there. Hiring a suitable lawyer can make all the difference between recovering your losses and getting flimflammed out of what little money you have left.
That’s why it pays to do your crypto-related homework before settling on an attorney. There are five primary aspects to consider before hiring a Cryptocurrency Lawyer:
Experience: The first step in hiring a cryptocurrency attorney is to ensure that they have experience in your specific industry or niche.
For instance, if you are looking into making a claim over stolen funds, an attorney who specializes in securities fraud might be more beneficial than one who’s practicing personal injury law.
The same holds if you’re working with an attorney who deals with cryptocurrency-related thefts.
Licensing: Some states require attorneys to obtain specific licenses to practice law within their jurisdiction. For instance, California requires attorneys to be licensed by the state bar and certified as specialists in their particular field of expertise.
It’s essential to determine whether your attorney has the necessary licenses before pursuing a claim with them.
Networking: To increase your chances of recovering stolen funds or damages, it’s essential to find an attorney who has strong connections within the industry and can tap into large cryptocurrency exchanges for information and evidence.
Otherwise, you may end up getting scammed out of your money (or fail to recover it if the crypto criminals have already laundered it).
Experience Handling Criminal Cases: Depending on the nature of your crypto-related claim, you may end up working with the FBI or other law enforcement agencies. Criminal attorneys are well-versed in procedures for dealing with government agencies and how to provide information without exposing themselves to legal jeopardy.
You can file a cryptocurrency claim against an individual or corporation for:
- Lost investments
- Mishandled cryptocurrency funds, or
- Other such issues
Your cryptocurrency attorney can be able to handle such matters with ease. Otherwise, things might get messy and damage your chances of receiving compensation.
Willingness to Negotiate: Even if you’ve found an attorney with experience, licensing, and networks within the cryptocurrency industry, they might not be willing to negotiate with you on your behalf.
For instance, some attorneys may charge a flat fee for their services instead of taking a percentage of the award. This arrangement can be a good option if you’re comfortable with their rates and don’t want to deal with ongoing negotiations.
However, this approach could also leave the door open for the opposing side to lowball you and prevent you from receiving your just compensation.
Wrapping Up: Every cryptocurrency investor should consider five aspects before hiring a Cryptocurrency Lawyer. You need to weigh all of these options and determine whether or not you will find the best legal solutions by working with a particular cryptocurrency attorney.