It’s who you know
With crypto, a lot is down to having the right contacts and relationships in place to help you out when you need it. When crypto assets are hacked or stolen, having the appropriate person to call at an exchange or wallet who can ensure those stolen assets are frozen, can be the difference between getting your crypto back or losing it for good. Whilst it is possible to go through the Courts to get stolen crypto frozen, or even returned, doing so can take a long time. Your hacker or fraudster can move those assets in minutes. There is always the risk that they could quickly move crypto assets from a cooperative exchange to exchanges or wallets that won’t cooperate or where they can’t be frozen and where those funds are effectively lost for good.
Be prepared
It is important to have these relationships in place now, so that if crypto assets are stolen, it is possible to act as quickly as possible to get the relevant assets frozen. CMS has all of these relationships in place already so can make any calls, as needed.
Assume nothing
In crypto, unfortunately, trust cannot be assumed. If a company says that it will store crypto securely, or even send it back, that should not be assumed to be true. An understanding of how things like private keys, custody and smart contracts work is important and to be able to identify, from a technical as well as a legal perspective, whether they are good and safe. CMS is versed in the legal side and has technology partners to run these checks from a technical perspective.
