The Crypto Fraud and Asset Recovery Network (CFAAR) has launched a Hong Kong-based chapter in alliance with seven local law, finance and crypto regulation experts.
The CFAAR will work to promote legal and investigative tools to recover any digital assets that were stolen in fraudulent circumstances.
Alongside this, the CFAAR will seek to improve counselling of those affected by fraud and help encourage the city’s digital asset series providers to minimise the risks of those falling victim to illicit activities.
The group will work alongside additional branches to enable safer and more secure adoption of digital assets by acting as an independent voice in regulatory and crypto-related matters in Hong Kong.
Chainalysis reported that the overall value of digital assets stolen and lost to crypto-related crimes has decreased this year. However, the overall value of crypto stolen as a result of hacks was $1.9bn in the first seven months of 2022.
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