December 4, 2021

What if your cryptocurrency is stolen? 6 legal tips

What if your cryptocurrency is stolen? 6 legal tips

In 2021, the law "On digital financial assets" came into force in Russia. It defines cryptocurrency and prohibits its use to pay for goods and services. However, many issues are still not resolved, and users are not protected from a legal point of view, writes RBC Crypto.

Law enforcement agencies are not alwaysinitiate criminal cases based on the statements of the victims, said Mikhail Tretyak, partner, head of the IP / IT practice of the law firm Digital Rights Center. He explained that the overwhelming majority of employees of the authorities do not have the skills and competencies necessary to conduct a full-fledged investigation of crimes related to cryptocurrencies. It is for this reason that there are still more refusals to initiate cases than initiated criminal cases, the expert emphasized.

However, in order for law enforcement agencies to be able to investigate the case as quickly as possible if it is initiated, it is necessary to observe several important rules. Tretiak listed the main ones:

  1. Collect all evidence of the movement of yourfunds in cryptocurrency - especially those in respect of which there is a suspicion that the transactions were not performed by you. Make regular uploads of statements from crypto-exchanges and screenshots of cryptocurrency transactions;
  2. Try not to download API keys to mobile devices, as they are the most vulnerable;
  3. Try to track the movement yourselffunds using the available tools. The most famous and effective solutions are CipherTrace, Crystal, Elliptic, Chainalysis, Etherscan;
  4. If theft is detected, immediately contact the support service of the exchange or other service on which the cryptocurrency was stored;
  5. Seek a professional legalhelp to lawyers who are engaged in interaction with law enforcement agencies on such issues, because it will be difficult for an unprepared person to communicate with police officers on his own;
  6. Submit to the police - preferably with the help of lawyers - a statement under Art. 159.6 of the Criminal Code of the Russian Federation (fraud in the field of computer information).

Cryptocurrency is the same property of Russiancitizens, like other digital values, added Moscow Digital School expert Efim Kazantsev. Cryptocurrency falls under the definition of property and in accordance with the provisions of the Civil Code of the Russian Federation and the clarifications of the Plenum of the Armed Forces of the Russian Federation on the application of criminal law, said Yuri Brisov, a member of the Commission on the Legal Support of the Digital Economy of the Moscow Branch of the Russian Lawyers' Association.

According to Kazantsev, in the RussianIn law enforcement practice, there have already been cases when the police found the thieves of the cryptocurrency. However, in most cases, it was still about fairly simple cases, when it was not difficult to find the attacker. If the cryptocurrency is stolen by sufficiently qualified hackers, it will be very difficult for the police to find them, the specialist warned.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Huobi https://huobi.com 7.4
3 Exmo https://exmo.me 6.9
4 OKEx https://okex.com 6.5
5 Bybit https://bybit.com 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Additional features and services - futures, options, staking, NFT marketplace.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • final grade - the average number of points for all indicators, determines the place in the rating.

What if your cryptocurrency is stolen? 6 legal tips

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