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ARTICLE · 10 JANUARY 2023

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Cryptocurrency Fraud Remedies Available But Enforcement Difficult In Ontario

Blaney McMurtry LLP
Blaney McMurtry LLP
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As the investment hub of one of the most crypto-obsessed countries in the world ...

CanadaTechnology
Blaney McMurtry LLP
Blaney McMurtry LLP
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As the investment hub of one of the most crypto-obsessed countries in the world, Ontario will need appropriate legal remedies to deal with the currency's problems, evidenced most recently by the spectacular demise of cryptocurrency exchange and hedge fund FTX Trading Ltd.

Fortunately, potent remedies are available. The bugbear is enforcing them.

"Powerful civil relief is available through extraordinary remedies such as Anton Piller orders and Mareva injunctions," says Lou Brzezinski, a commercial litigation partner at Blaney McMurtry LLP in Toronto. "But because crypto entities can set up anywhere, enforcing the remedy is at least 50 percent of the problem."

A fresh report from CryptoManiaks, a cryptocurrency education platform, points to the extent of the problem domestically. The study calculated the Google searches for 10 of the most popular cryptocurrencies in the world's 100 most populated countries as a percentage of each country's population.

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