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Crypto recovery – navigating the first 72 hours

Posted on: May 23rd, 2025 by Natasha Cox

When a person goes missing, the first 72-hours are mission critical.

The same urgency applies if you have been hacked, scammed or are the victim of a theft- even more so if the loss are crypto assets. Quick and decisive action in the immediate hours will significantly mitigate the risk of those assets being obfuscated and dissipated and assist with recovery.

Crypto scammers are particularly ruthless, often deploying all manner of sophisticated tactics. From straightforward account compromises and theft with no direct interaction, to elaborate social engineering, often gaining trust through dating websites, fake investment platforms, or social media, their ultimate aim is to deprive a rightful owner of crypto assets.

Discovering that you have been the victim, regardless of the methodology used, can be emotionally draining as well as financially devastating. Clarity of thought and rational action can often give way to absentmindedness. This can lead to victims continuing to pay the bad actors, or fake recovery firms who are one and the same.

In the circumstances this is entirely understandable.

The appropriate next steps can vary depending on the specific circumstances, however our recommended action plan is detailed below and applies to most scenarios:

  1. Secure your communications

Often, particularly in cases where victims have been socially engineered, your email addresses and social media accounts will likely have been compromised as the result of the hack.

Most mainstream email providers will allow you to see a log-in history which details the IP address and location of all log-in attempts. Consider if any are unrecognisable.

If there are any suspicious log-ins, it is likely that your email address has been compromised and your communications may be monitored by the scammers. This could also impact other personal and financial accounts linked to your email, such as online shopping accounts, bank accounts and social media profiles. Credit ratings and access to future baking facilities may also be affected.

In this case, it is vital that you immediately change the password for your email, and then for all other accounts held online.

In addition, we recommend that you set up a new, secure email address immediately and avoid logging into any accounts you suspect may have compromised. You should divert any personal and critical emails to your new account, and ensure that you update your email address across your online shopping, social media and bank accounts.

It is important that you notify your bank and or cryptocurrency exchange of your new email address, which replaces the old one, and ensure to communicate that no instructions are to be taken from the old email address.

  1. Cease communications strategically

In cases where scammers have maintained prolonged contact, they may continue to reach out to you. Let them remain unaware you know this is a fraudulent scheme. If they know that you are aware, there is a heightened risk that they will take steps to obfuscate their trail and dissipate assets, which can make asset recovery more complicated.

If you can, you should look to cease communication strategically without encouraging further interaction. One approach might be to indicate you will be unavailable or away for a few weeks. This will hopefully give you and your legal team time to investigate and trace the assets, write to any centralised exchanges who may be in receipt of those assets, and put them on notice of the theft and request that they freeze those accounts pending further legal action.

In short, the longer the scammers believe that their scam is undetected, the better.

You should then immediately begin collating a detailed record of all previous communications, including requests for payments, emails, phone calls, text messages, social media interactions, transaction details, wallet addresses and transaction hashes etc. Accurate records are crucial for any subsequent legal action and investigations. If you have been directed to a webpage during your interactions with the scammers, you should ensure to take screenshots of these pages in case they disappear.

Evidence of what jurisdiction they may be in is also vital. For example, note of their telephone number and dialling code (e.g. +44 for UK) or mention of a registered office (even if untrue) will help dramatically.

  1. Report to law enforcement

As soon as possible, you should report the theft to the police and Action Fraud – or equivalent law enforcement agencies. Make sure you keep a copy of your report, as well as any crime reference numbers provided.

It is important that you engage with your local police force as much as possible, and obtain a direct liaison and contact details. Action Fraud is only a database, and your query will not progress unless the police investigate.

Try not be discouraged or frustrated if the police cannot offer much help. Police resources, expertise, and capacity to deal with crypto related crimes can vary considerably, and officers may lack immediate familiarity with blockchain technology, or the complexities involved

Even if the police are unable to offer much direct assistance, formally reporting the incident is a crucial step as it creates an official record that supports any subsequent legal and recovery actions you may take with the support of your legal team.

  1. Device management and evidence preservation

Given that so much of our lives are conducted online and contained within personal devices such as laptops and mobile phones, it is crucial to exercise heightened caution if these devices may have been compromised.

If you notice unusual behaviour or unexpected activity on your devices (for example, unprompted command prompt windows opening up for split seconds, or excessive system resources being used when your device does not appear to be doing much) then this may be an indication your device may be compromised.

This is more likely if the scammers have previously taken remote control of your device under the pretence of assisting you through services, like AnyDesk.

As tempting as it may be, avoid formatting or performing factory resets at this stage. Evidence preservation is vital, particularly as forensic digital examination of your devices could yield critical information, instrumental in tracing and recovering the stolen assets. Formatting or resetting the device risks destroying potentially valuable evidence which often indicates the attack vectors used by the scammers and can be a useful part of the puzzle in identifying who they may be.

If your budget permits, obtaining new, uncompromised devices for interim use is recommended.

  1. Secure remaining crypto assets

It may be that the scammers have only targeted or been able to target specific parts of your crypto holdings. However, if your devices or email/social media accounts have been compromised, it is likely they know much more than you think – including what centralised exchange accounts and wallet addresses you have that they may wish to target next.

As such, you should immediately access and review all centralised exchange accounts you may hold online, and cold storage where applicable. Update your details held at these accounts, including email, contact information and passwords.

It is also crucial to strengthen your two-factor authentication and carefully review transactions to identify any activity you do not recognise which may be indicative of that account being compromised.

If you are holding any assets on these accounts, consider creating new, secure self custodial wallets on uncompromised devices and transferring remaining assets between multiple wallets.

If you have previously staked assets, check to see whether these remain staked or have been unstaked without your knowledge and are in any cooldown period. If unstaking has been initiated, try to take steps to ensure the unstaked assets can immediately be sent to your new, secure wallets as soon as possible.

  1. Engage with experts

Engaging promptly with specialist lawyers experienced in crypto asset disputes, particularly asset tracing on blockchains and recovery, can be vital ensuring the swift tracing and recovery of your assets.

Your legal team will quickly be able to identify suitable independent blockchain tracing specialists who will be tasked with conducting an initial tracing report to follow the movement of your crypto assets and their traceable proceeds. You will need to provide proof that you owned the assets (such as statements) as well as relevant transaction hashes or addresses as this will form the basis of asserting your proprietary claim to those assets. This is essential in recovering such assets.

Scammers typically seek to convert stolen crypto assets into cash, often using centralised exchanges as their off-ramp. The first step in any successful crypto asset recovery matter is identifying the exchanges used. These exchanges will have established payment rails which allow them to enable the transfer of fiat funds and are crucial to their business operations. 

As these payment rails exist within a regulated environment, banks must be comfortable with the funds handled by these exchanges. Consequently, exchanges are subject to a degree of regulatory oversight and compliance mechanisms to satisfy the requirements of typically highly regulated banking entities.

Once an investigator can identify exchanges which have received the stolen assets, your legal team should then enter into dialogue to place them on notice that they have received the proceeds of crime and request they take specific actions. These include freezing the relevant accounts to secure any assets held within, as well as requesting disclosure of any onward transfers and withdrawals from that account which can be used to further trace the stolen assets with a view to recovery.

This draws a line in the sand – the exchange is now aware of the issue and any funds held at or subsequently deposited at that account must now be frozen.

  1. Seek emotional support

Recognising that you have fallen victim to a scam can trigger intense emotional distress, anxiety, and feelings of isolation. It is important to recognise you are not alone and that these feelings, while overwhelming, are a common response to what can be a very personal breach of privacy, trust and security.

If you find yourself in such a position, consider reaching out to supportive friends and family. Whilst there are also online communities offering support to victims, you should treat these with caution, as these can present attractive hunting grounds for scammers seeking to exploit those at their most vulnerable.

If you find your emotional state severely impacted or you are feeling persistent low, anxious or overwhelmed, it is essential to seek professional medical or mental health support.

As outlined above, acting quickly and methodically within the immediate hours and days after discovering a scam or can significantly improve the prospects of recovery and limit the broader financial and emotional damage.

For more information on our services relating to technology disputes, please click here. For our cryptoassets services, please click here

Lawrence Stephens featured in PM Forum Magazine

Posted on: May 22nd, 2025 by Natasha Cox

Managing Director Steven Bernstein, Chief Operating Office Johnny Nichols and Head of Business Development and Marketing Daryl Atkinson feature in the latest edition of PM Forum Magazine talking about what makes the culture at Lawrence Stephens so special, and how this is powering our growth.

Founded in 1996, PM Forum is the world’s largest community of professional services marketers, with more than 3,000 members in over 40 countries. The Forum is dedicated to raising the standards of marketing across law, accountancy, property and other professional sectors.

House Shouts

There will be very few law firms where the CEO knows the names of all 190 staff, and even fewer where those people are, like school, assigned a ‘house’. Alongside phenomenal growth, this is why Lawrence Stephens has been repeatedly tagged as the firm to watch.

Matt Baldwin speaks to Managing Director Steven Bernstein, Chief Operating Officer Johnny Nichols, and Head of Business Development and Marketing Daryl Atkinson.

Lawrence Stephens like to do things differently. It is a relative newcomer to the London legal market, founded in 1997, and, like many other firms, named after its founding directors.

But unlike its peers, the firm is strictly first names only. The ‘Lawrence’ is Lawrence Kelly and the ‘Stephens’ are Steven Bernstein and Stephen Messias. All are still involved in the firm.

It is a hint towards its difference.

The firm is a limited company, with directors instead of partners, focused on entrepreneurial owner-managed businesses, SMEs and financial institutions, particularly challenger banks.

“We know what we are good at, and we concentrate on that,” explains Managing Director Steven Bernstein. The firm does, however, provide the full service of legal advice for those clients and will, as it grows “stay in its lanes, acting for bigger clients”.

It is an approach that is clearly working, seeing revenue increase by 30% a year over the last five years, and its headcount growing from 50 to 190 people. It was named by The Lawyer as a ‘firm to watch’ in its December 2024 podcast.

It is, however, its culture that truly marks the firm out as different.

Bernstein spends 30 minutes every day walking the floors and talking to his colleagues. Remarkably, he knows them all by name. “I see it as part of my job description to walk the office, chat with people and ask them how they are doing, if everything’s OK. “I have to work at it, particularly with 40 new members of staff this quarter alone, but it is the easiest 30 minutes of my day.”

The firm’s Farringdon office is open plan with no allocated desks. It means staff quickly get to know each other.

“It creates a real buzz,” says Johnny Nichols, the firm’s Chief Operating Officer, “with conversations and discussions naturally occurring all the time. It means those who have recently joined us get to meet others and build relationships quickly. “Importantly,” he adds, “it fosters the kind of environment where everyone is nice, enjoying each other’s company, happy to collaborate and celebrate each other’s wins.”

And then there are the firm’s ‘houses’, named after locations of previous offices – Baker (Baker Street), Portland (Great Portland Street), Wigmore (Wigmore Street) and Morley (Morley House on Holborn Viaduct).

“The idea came from our trainees,” explains Bernstein, “with first-year trainees appointed ‘head of house’. Everyone in the firm is a member of one of the four houses. There are competitions throughout the year for ‘house points’ that at the end of each year are turned into charitable donations.”

Every summer, there is the firm’s sports day and BBQ where house members, joined by partners and families, compete for house glory. Other events include the ‘Bake-Off’ challenge and the annual house quiz.

“It empowers younger people, breaking down the hierarchy in the firm,” says Bernstein. “It means that as we grow, staff get to know each other much easier. Importantly, it’s fun, and we want everyone to enjoy what they do and where they work.”

Lawrence Stephens 3.0

Entrepreneurial businesses are never static. Just as its clients grow and change, so too is Lawrence Stephens. “We are currently Lawrence Stephens 2.0,” says Bernstein, “and quickly heading towards Lawrence Stephens 3.0”.

Part of that journey has been the investment in a strong business services team, supporting and guiding the legal teams.

Nichols joined the firm as its Chief Operating Officer in September 2022 having held senior roles in Allen & Overy and Bird & Bird. Daryl Atkinson joined in June 2024 as its Head of Business Development and Marketing. He leads a team of five.

“There are two aspects to the role,” explains Atkinson. “There is the execution piece, making things happen efficiently and effectively and without reinventing the wheel, and the advisory piece, trying to encourage the right kind of behaviours and activity that deliver results. “I strongly believe that to make waves, a firm of this size needs to be really clear about its future. We can’t be in every market – it is just not possible. It’s about bringing focus to the firm. We know what we are good at and what we should concentrate on. We are also clear on what we not going to do.”

Atkinson and his team have made an immediate impact.

“We are a people business,” explains Bernstein, “and that means the relationships we have with our clients are important. They like what we do and keep coming back to the firm. Daryl and his team are helping us to better leverage those relationships and to understand where we should focus our energy.

“We are now better known in the areas we work than ever before. The reputation change has been enormous, and the foundations are now in place for the firm to grow into Lawrence Stephens 3.0.”

Lawrence Stephens 3.0 will look and feel very similar to the firm today. Its culture will be jealously guarded and nurtured.

“We don’t want to lose our humanity,” says Nichols. “Our HR team is helping us to articulate what our culture means to people individually so we can find ways to hold on to that and sustain it as we grow.”

That growth might see the addition of new teams – it recently took a banking and real estate finance team from the collapsed Memery Crystal – and the addition of new expertise, but only if it fits the firm’s tight client profile.

“We can imagine ourselves with an office a little further north… a kind of hub for clients in Birmingham, Manchester or Leeds,” adds Bernstein. “But there is no intention of having an office in every town or a large international footprint.”

There is an energy inside Lawrence Stephens, a sense of urgency and mission that is shared by its 190 people. It is a little less like a law firm and more like its entrepreneurial clients. And that should leave the more traditional mid-tier firms looking nervously over their shoulders.

Lawrence Stephens successfully acts for Respondent parent in reported case of M v F

Posted on: May 15th, 2025 by Alanah Lenten

Lawrence Stephens’ Family team, led by Co-Head of Family Eleanor Wood, recently acted for the Respondent parent in the reported Family Court case of M v F [2025] EWFC 114 (B).

A fact-finding hearing as part of child arrangement proceedings, the four-day hearing concerned allegations of long-standing abuse and controlling behaviour made my Lawrence Stephens’ client (Parent M) against their former partner. These included allegations of physical abuse (one of which lead to police involvement), emotional abuse, coercive and controlling behaviour and sexual abuse.

The Applicant (Parent F) contested these allegations, however the judge noted that their evidence was “remarkably inconsistent and lacking in credibility.” The Applicant’s argument that the allegations were financially motivated and intended to block their contact with their child was also rejected by the court.

Concluding her judgment, HHJ Owens upheld all allegations of abuse behaviour made by the Respondent parent, with the case proceeding to determine what arrangements are in the best interest of the child.

The full judgment can be read here.

AI in Law: Emma Cocker Shares Expert Insights in City AM Feature

Posted on: May 15th, 2025 by Natasha Cox

Senior Associate Emma Cocker comments in City AM on the future of AI within law firms, arguing that it can be a useful tool, however lawyers and employers must act cautiously as improper use can have serious legal implications. 

Emma’s comments were published in City AM, 15 May 2025, and can be found here.

“AI undoubtedly plays a huge role in the future of legal services. It will make them more accessible and affordable, which is a huge benefit, given that so many people and small businesses struggle to access legal services. It can also speed up output, with the automation of repetitive and time-consuming tasks helping lawyers to work more efficiently, which also translates to costs savings for clients.

“However AI must be used with caution. Remember that it should be used as a starting point and that the output is only ever as good as the input, which may be vulnerable to online misinformation. As such, AI content must always be reviewed for accuracy and subject to ultimate approval by a human being. We know that AI ‘hallucinates’ and we have already seen lawyers over relying on AI coming unstuck. As well as the professional embarrassment factor, AI could deskill junior lawyers who may not be practicing legal researching and drafting to the same degree as previous generations of lawyers. It may also contribute to a decline in the development of other key skills, such as critical and independent thinking.

“In authorising the first AI-driven law firm, the Solicitors Regulation Authority made it clear that lawyers relying on AI output will be ultimately responsible for the consequences and that professional standards must always be maintained to ensure public trust and confidence in the sector. Those who do use AI improperly may find themselves facing disciplinary proceedings by their employer and the regulator and in cases of ‘AI gone wrong’ there is scope for negligence claims by clients, as well as costs applications by opponents.”

For more information on our Employment services, please click here.

Shaping Blockchain Law: Matt Green Reflects on Career and Landmark Crypto Cases in CDR

Posted on: May 14th, 2025 by Natasha Cox

Head of Blockchain and Digital Assets and Technology Disputes, Matt Green, speaks with Commercial Dispute Resolution (CDR) about his career in the crypto asset space and how some of the notable cases he has worked on have influenced legal precedent around blockchain and digital assets. 

Matt’s interview was published online in Commercial Dispute Resolution (CDR), 12 May 2025 and can be found here.

Discussing the first crypto case he was involved with, the landmark AA v Persons Unknown, Matt explains “I was enormously opportunistic, and I just rode with it… I was in the right place at the right time.”

He notes how there was “a big gap in the market” at the time, with many in the blockchain and digital asset space not knowing that there were legal routes to trace and recover their stolen or hacked assets.

Speaking on lessons learned during his career, Matt comments:“It is attrition, staying in the game, not overreaching. Being very aware that you don’t know everything. I don’t think anybody could say they did have all the answers, on the basis that the judiciary and the industry are trying to figure it out.”

Discussing the evolution of both his practice and the digital asset space itself, Matt explains that “there will be huge intellectual property battles about a variety of different things that we probably can’t even imagine yet, it’s almost unknowable.”

With many of Matt’s cases showing the “grizzly places” of the crypto world – from pig butchering scams on Facebook groups for grieving widows to tracing stolen assets to an organ farm in Southeast Asia, and the high-profile disputes over the identity of Satoshi Nakamoto.

Yet despite this, Matt encourages people to see the wider utility of this technology, telling CDR that he would like to see the “wider adoption and understanding of the applications of blockchain tech and digital assets.”

For junior lawyers looking to get into the constantly evolving world of digital assets and blockchain, Matt explains that there are plenty of ways: “set up a blog, write articles, start a podcast, join groups. If you get involved with the industry that you choose, you’re going to be much more valuable to a law firm than if you don’t, and there is no date by which you should start doing this.”

For more on our Blockchain, Digital Assets and Technology Disputes services, click here

Lawrence Stephens Expands Residential Real Estate practice with Senior Hire

Posted on: May 12th, 2025 by Natasha Cox

Lawrence Stephens is delighted to announce the appointment of Alexa Kordowicz as a Director in the firm’s growing Residential Real Estate team.

Alexa joins from Child & Child, where she developed a leading reputation for advising on high-value residential property transactions. Alexa has built a wide-ranging practice acting for individuals, companies and both UK and international private banks. She brings to the firm a wealth of experience in managing complex and high-net-worth property matters, with a particular focus on delivering a seamless client experience through strong relationships and a commercially minded approach.

Alexa looks forward to working closely with teams such as Private Wealth to coordinate multi-faceted transactions involving extensive property portfolios.

Speaking on her appointment, Alexa commented: “I’m thrilled to be joining the highly regarded team at Lawrence Stephens. The firm’s client-first ethos and collaborative culture are an excellent fit for my approach to legal practice. I look forward to continuing to support clients in the UK and internationally on their residential property matters, and to growing the practice together with the wider team.”

Goli-Michelle Banan, Head of Residential Real Estate, added: “Alexa is an exceptional addition to our team. Her experience in high-value residential transactions, coupled with her commitment to client service, aligns perfectly with our focus on delivering a tailored and positive experience. We’re excited to welcome her to Lawrence Stephens as we continue to expand the scope and strength of our Residential Real Estate offering.”

Details of our Residential Real Estate services can be found here

Lawrence Stephens advises Fidelius on its investment in Vobis

Posted on: May 9th, 2025 by Natasha Cox

Lawrence Stephens has advised Top 100 financial planning firm Fidelius on its acquisition of a non-controlling stake in Vobis, a London and Yorkshire-based IFA.

Founded in 2013, Vobis, which manages over £140m in client assets, specialises in financial planning for high-net-worth individuals and operates a joint venture with a top 60 accountancy practice in central London. The firm also has a regional office in Leeds.

The deal marks the first investment by Fidelius since Swedish wealth manager Söderberg & Partners took a minority stake in the business at the start of 2024.

The Lawrence Stephens’ team was led by Corporate and Commercial Director Jeff Rubenstein, supported by Associate Harshita Samani, Solicitors Lucy Cadley and Avni Patel, and Trainee Electra Kallidou.

Jeff Rubenstein commented: “While this was our first transaction for Fidelius, this assignment was the latest in a series of transactions we have advised on in the rapidly consolidating Financial Services industry. We very much enjoyed working with the Fidelius team, their energy and ambition very much reflects our own ethos and we look forward to working with them in the future”.

Richard Armstrong, Head of Governance, Risk and Compliance at Fidelius responded: “We are grateful for the advice and support provided by the team at Lawrence Stephens. The team were proactive and responsive, and their can-do approach helped move this important transaction along. Our ambition is to be a top 20 IFA and more acquisitions are likely.”

Find out more about our Corporate and Commercial services here

The Renters’ Rights Bill – What it could mean for lenders?

Posted on: May 8th, 2025 by Natasha Cox

The Renters’ Rights Bill (‘the Bill’) is currently making its way through the House of Lords. While there has been growing opposition to the Bill, with over 300 amendments being proposed, the Bill could still prove to be a welcome change for lenders.

Purpose of the Bill

The Bill has been introduced to:

  • give greater rights and protections to people renting their homes
  • provide tenants with the flexibility to leave substandard properties

In short, it is intended to:

  • Reform tenancies
  • Strengthen tenants’ rights
  • Create a landlord redress scheme
  • Create a private rented sector database
  • Create a legal standard for property conditions
  • Expand enforcement powers


The potential impact of the Bill on lenders

Currently, there are two options available to recover vacant possession of a property subject to an assured shorthold tenancy, namely:

  • Serving a notice under section 21 of the Housing Act 1988 (‘HA 1988’)
  • Serving a notice under section 8 of the HA 1988

Section 21 Notice

Also known as a ‘no-fault’ eviction, this is used where a tenancy is coming up to expiry or has already expired.

As a result of Trecarrell v Rouncefield [2020], if the landlord is unable to evidence compliance with the various prescribed requirements, then simply put, they will not be granted a possession order.

Section 8 Notice

A notice under this section can be used in two situations:

– where the tenant has breached the terms of the tenancy, or

– where a lender requires vacant possession of the property for the purpose of exercising their power of sale and is bound by a tenancy postdates the loan.

Notices under Section 8 of the HA 1988 are restrictive for lenders requiring vacant possession. Many grounds under this section can be remedied and it is otherwise limited to tenancies which postdate the loan. In addition, a landlord (borrower) should have also served a notice on the tenant confirming they can rely on this ground to obtain vacant possession (albeit the court has discretion to dispense with this requirement).

 

What the reform could mean for lender’s enforcement

The reform will essentially simplify a lender’s ability to take possession of a property subject to a tenancy.

The intention is to abolish assured shorthold tenancies (and as a consequence, ‘no-fault’ eviction notices) under Section 21 of the HA 1988, and to amend Ground 2 of Schedule 2 of the HA 1988 so that it reads as follows:

The dwelling-house is subject to a mortgage and –

(a) the mortgagee is entitled to exercise a power of sale conferred on him by the mortgage or by section 101 of the Law of Property Act 1925; and

(b) the mortgagee requires possession of the dwelling-house for the purpose of disposing of it with vacant possession in exercise of that power.

For the purposes of this ground “mortgage” includes a charge and “mortgagee” shall be construed accordingly.

This means that lenders will be able to rely on this section whether the tenancy predates or postdates the loan, provided the lender requires vacant possession for the purpose of exercising their power of sale. They need no longer be concerned about evicting a tenant when they are unable to comply with the requirements for prescribed information for tenant deposits and the Deregulation Act 2015, viz. the provision of the How to Rent Guide, EPC, Gas and Electrical Safety Certificates. The main contention under the reform is that tenants will be afforded a four-month notice period, which some lenders may accept as a small quid pro quo.

It is recommended that lenders continue to ask the right questions and continue to carry out their due diligence in respect of tenancies. In terms of lending in the short term/alternative lending space, which is often time critical, such potentially arduous and frustrating requirements need no longer be so. Lenders will now have the flexibility to take a view, knowing that it will not compromise their ability to secure vacant possession should they need to enforce the terms of their loan.

For more information on our Real Estate Disputes services, please click here.

Matt Green discusses crypto assets disputes and recovery with the Government of Gibraltar

Posted on: May 8th, 2025 by Natasha Cox

Director and Head of Blockchain Matt Green presented to the Ministry of Justice, Trade and Industry of the Government of Gibraltar, outlining the evolving legal status of digital assets alongside Scott Pounder, Founder and CEO of Prometheus Insights. 

Looking to the current legal landscape and potential future developments, Matt and Scott explained why recognising digital assets as property is essential, considering:

  • The definition of digital assets
  • The canon of common law, including Matt’s own cases, and how asset recovery cases created precedents globally
  • The role of legal definitions of property, now ratified in the Court of Appeal, from case law through to the Property (Digital Assets etc) Bill
  • Considering a draft statutory instrument designed to bring dealing with crypto assets into the remit of regulated activity under FSMA 2000.

The Government of Gibraltar’s official press release can be found here.

For more information on our digital assets expertise, please click here.

Angélique Richardson discusses the legal and reputation risks of doping in City AM

Posted on: May 7th, 2025 by Natasha Cox

Writing in City AM, Associate Angélique Richardson discusses the return of tennis star Jannik Sinner following his three-month suspension for failing two “in-competition” drug tests and analyses the legal and reputational risks arising from anti-doping violations.

Angélique’s article was published in City AM, 7 May 2025, and can be found here.

Jannik Sinner and anti-doping bans in tennis: how players can mitigate risks

Jannik Sinner’s re-appearance at the Italian Open guarantees attention, following his three-month suspension for failing two “in-competition” drug tests during and eight days after Indian Wells last year, for the banned anabolic steroid clostebol.

Ranked world No1, the three-time Grand Slam winner’s return to competitive tennis at his home tournament this week is a reminder of the legal and reputational risks arising from anti-doping violations.

Sinner was charged with an anti-doping rule violation by the International Tennis Integrity Agency, which enforces the World Anti-Doping Code 2015 through the Tennis Anti-Doping Programme (“TAPD”).

According to the TAPD, a first in-competition rule violation carries a four-year ban, reduced to two if proven unintentional. The ban could be eliminated if the player proves “no fault or negligence”, meaning that they couldn’t have reasonably known or suspected they had used a prohibited substance.

Sinner and his team never denied the substance was in his system. Thei argument was that his fitness coach purchased an antiseptic spray which contained clostebol.

While Sinner was at Indian Wells, his physio accidentally cut his hand and used the fitness coach’s antiseptic spray daily to treat the cut. The physio massaged Sinner without wearing gloves or washing his hands, and the substance entered Sinner’s system through the cut. They claimed Sinner bore no fault or negligence.

Initially, this version of events was accepted by the independent tribunal. The World Anti-Doping Agency (WADA) appealed the decision to the Court of Arbitration for Sport in Switzerland and reached a case resolution agreement with Sinner for a three-month ban, which elapsed on Sunday.

This case, while resolved, highlighted numerous issues faced by professional athletes.

Sinner’s reputation and integrity have been called into question, including by fellow player Novak Djokovic, and future potential sponsors and partners may be wary.

Many commercial deals with brands contain anti-doping clauses which enable them to terminate the agreements when an athlete is alleged to have committed an doping violation. Sinner may find some of these clauses triggered.

Stars like Jannik Sinner ‘must be proactive’

The ease of cross-contamination is clear. Sinner was contaminated by his physio, but the same could happen when sharing equipment with others who have used a prohibited substance, touching friends and family who have used a prohibited substance or using untested supplements.

A recent study commissioned by Sport Integrity Australia showed that, of the 200 supplements tested, 35 per cent contained WADA-prohibited substances. Athletes assume the ingredients listed in supplements are accurate, but this is not always true.

So, what can be done? Better education is needed about the risks associated with supplements, including via seminars, clubs, online resources and support teams.

Athletes can further mitigate risks by using Informed-Sport Certified supplements, staying up-to-date with substances on the prohibited list, and ensuring that nutritionists and staff members are fully trained. Instructing a sports lawyer with a specialism in doping is a no-brainer.

In the event of an anti-doping rule violation notice or charge, athletes should talk to a legal specialist. Sinner and WADA reaching an agreement on a three-month ban came thanks to the specialist anti-doping knowledge of his lawyers, who will also be working hard to ensure as few commercial deals are impacted as possible.

Athletes and their teams need to proactively reduce risks. An apology won’t get you out of trouble. Regardless, Sinner will hope that it is his tennis, rather than his lawyers, doing the talking at the Italian Open.

For more information on our expert services for athletes and sportspeople, please click hereanti-doping.

Lawrence Stephens advises Arc’teryx on Manchester store

Posted on: April 25th, 2025 by Natasha Cox

Lawrence Stephens Director Nickhil Mandora and Solicitor Sophie Levitt have advised Arc’teryx on their first UK store outside of London, located at New Cathedral Street, Manchester. The new store is Arc’teryx’s first foray into the UK retail market outside of London and represents a significant vote of confidence for the North West.

Arc’teryx, based in North Vancouver, British Columbia, is a Canadian company specializing in technical outdoor apparel and equipment for mountaineering and alpine sports.

The new store, set to open this summer, will be the brand’s fourth UK location, joining its other retail sites in Covent Garden, Piccadilly, and Battersea Power Station.

Nickhil Mandora has acted on the leases of each of these sites and said “We are delighted to have acted for Arc’teryx on their newest store located on New Cathedral Street, Manchester, which will no doubt have been with met excitement by fashion-conscious Mancunians. Arc’teryx are a brand that are at the top of their game, having managed to effortlessly tap into the zeitgeist, and we look forward to extending our relationship with them.” 

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Matt Green discusses UK crypto innovation and regulation in The Times

Posted on: April 24th, 2025 by Natasha Cox

Writing in The Times, Director and Head of Blockchain and Digital Assets, Matt Green, argues that the UK government needs to adopt a clear big picture strategy on implementing blockchain technology if it is to maintain parity with competitors.
 
Matt’s article follows a recent letter he co-signed as chair of techUK’s Blockchain and Digital Assets working group, alongside a coalition of leading UK and global trade bodies in the crypto sector to the UK government urging them to advance its digital asset and blockchain policy.

Matt’s article was published in The Times, 24 April 2025, and can be found here.

Government must urgently delivery regulatory clarity for cryptoassets

It is roughly six months since the digital assets industry called on the Labour government to provide urgent “regulatory clarity” at the party’s annual conference. The then economic secretary to the Treasury, Tulip Siddiq, responded by confirming the government’s commitment to fostering innovation in financial services, but there is little meat on the bone.

It has also been three years since the previous government’s plan to make the UK a global cryptoasset technology hub. This ambiguity serves no one.

Helpfully, the Financial Conduct Authority (FCA) has since published key dates in a ‘crypto roadmap’ that details the development of comprehensive regulatory framework for the UK. Draft legal provisions are expected soon, with a series of consultation papers examining how the future regime will work and its content – such as stronger regulation for capital, liquidity and risk management of cryptoassets – to come. The roadmap anticipates that the rules will take effect late next year.

While that is welcome, the UK needs clarity and momentum to boost investment, growth and jobs, and to avoid falling behind competitors such as Singapore, the UAE or the US in technology investment and innovation. If the government is serious about making crypto a strategic priority, it should mirror the US by appointing a crypto special envoy – President Trump has appointed David Sacks, the former senior executive at PayPal, to that role.

The UK desperately needs a comparable appointee who can drive policy alignment, assimilate industry innovation and ensure that regulation and legislation are formulated and drafted with the UK’s best interests.

Our government also needs a plan that will focus on identifying opportunities and attracting investment. These could include an incentivisation programme to attract businesses with significant potential, explore elements of public sector integration and create a competitive tax and investment landscape.

Recognising the symbiosis of blockchain, artificial intelligence and quantum computing and their potential value is vital, both for preparing future regulatory frameworks, and considering use in daily life. Ultimately, this will improve efficiency for a swathe of crucial public services. Consider how the Land Registry and Companies House could hold important documents on the blockchain to simplify and accelerate property and share transfers. Key government procurement contracts and transmission of NHS data could also be transformed. 

According to the FCA, 12 per cent of UK adults – about 7 million people – owned cryptoassets last year. In contrast, according to the most recent data, only 8 per cent of global venture capital funding went into UK firms that specialise in that field, while the US dominates with 76%.

A clear direction, guided by a singular politically and sector agnostic driver, and with clear regulatory framework, could transform the UK economy for decades to come.