Wealth Recovery Solicitors (WRS ETL) has launched a new cryptocurrency tracing proposition for private client and family solicitors. This service aims to help firms whose clients have fallen foul of scams and also provide solicitors with the detailed data required to prove ownership of cryptocurrency assets for estate administration or to prove the level of a divorcing spouse’s wealth.
WRS ETL, which last year recovered £10 million in lost assets for clients, is the UK leader in the use of specialist software to trace and prove ownership of crypto assets. This technology is more commonly used by national governments and law enforcement agencies, including the FBI, and is able to provide an authoritative record of crypto transactions.
The firm is now offering this service to law firms whose clients have fallen foul of cryptocurrency scams, to enable as many victims of scams as possible to benefit from the incontrovertible evidence that these trace reports provide. Where appropriate it is willing to do this on a “white label” basis
Josh Chinn, solicitor and co-founder of WRS ETL, said: “Our message to other firms is not to turn good business away. Let us deploy our expertise in crypto asset tracing for you, and then provide as much or as little support as you need in using that information to achieve redress for your clients.”
The technology produces reports that trace transactions and prove ownership of cryptocurrency assets. As such they can also be used by private client and family law firms that need to prove ownership of cryptocurrency assets either for purposes of estate administration or demonstrating the level of a divorcing spouse’s wealth. WRS ETL is also able to provide a “paper trail” demonstrating when cryptocurrency assets have been disposed of, and to whom, potentially providing evidence that assets have been hidden or disguised.
Chinn continued: “The facets of cryptocurrency that make it susceptible to scams can also make it hard to track down when, for instance, calculating a divorce settlement. The precise timing of any transactions is also important when calculating the value of cryptocurrency assets for, for example, the assessment of inheritance tax liability.
“We are able to provide authoritative reports that address both of these issues.”
