With many cryptocurrency startups that have that have financial holdings that are significantly (or sometimes entirely) composed of cryptocurrency assets rather than fiat currency held in bank accounts, companies understandably need to place some level of trust in its leadership team who have direct or indirect access to cryptocurrency holdings.
In some cases, it’s an executive ‘going rogue’ and stealing or accessing funds without consent or authorization from other people in the company. In other cases, executives purposely misappropriate funds, such as by using investor funds for speculative purposes.
We’ve seen this type of misappropriation of funds in multiple cases involving ICOs that raised millions of dollars of investor funds.
Embezzlement is all too common in the cryptocurrency space due to the lack of safeguards in place as well as the lack of regulation.
CipherBlade is available to help shed light when there’s good reason to believe that executives have embezzled company assets and ultimately works to ensure as many assets are recovered as possible.
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