Original posted on: https://insurance-edge.net/2024/12/09/m2-adds-legal-expenses-to-its-crypto-insurance/
Cypher Tracer has enhanced its groundbreaking crypto insurance policy by launching its after-the-event legal expenses insurance. The innovative policy is designed and placed with Lloyd’s of London insurers in collaboration with boutique specialist insurance and reinsurance broker McGill and Partners.
The new expansion allows Cypher Tracer to support individuals who have already experienced crypto theft, providing expert assistance in recovering stolen assets.
The need to include reactive solutions comes at a crucial time for the industry, as it battles an escalating wave of crypto scams and fraud. This new offering reinforces Cypher Tracer’s commitment to safeguarding crypto investors and addressing the growing need for comprehensive support in an increasingly vulnerable landscape.
Recent research from the Financial Services Compensation Scheme (FSCS) reveals a surge in first-time crypto investors, drawn to the market by the prospect of quick returns. However, data from TRM Labs2 highlights a troubling trend: the value of stolen crypto worldwide more than doubled in the first half of 2024. With so many newcomers entering the crypto space, we can unfortunately expect more people to fall victim to scams in the future.
This troubling trend highlights both the increasing sophistication of cyber criminals and the pressing need for comprehensive protective and responsive measures within the digital asset space. Cypher Tracer’s newly expanded insurance policy offering is specifically designed to address this critical need, delivering a vital solution for the market. While investigating and recovering lost crypto assets can cost upwards of $250,000.
Neil Holloway, Founder and Managing Director of Cypher Tracer commented on the launch and product expansion:
“Here at Cypher Tracer, the safety and security of your crypto remains our top priority. I have worked in the insurance industry for over 45 years, and I have never seen an insurance product as unique and as innovative as our services.
We were the first company in the world to offer legal expenses insurance for crypto, and we are now the first to offer this protection to investors who have sadly lost their assets. This is a game-changer for the industry, and we are proud to be leading the way in crypto legal insurance.”
Louise Abbott, Director of Legal Services at Cypher Tracer, added:
“As a specialist crypto lawyer with over 10 years of experience in the sector, I have witnessed first-hand the increasing number and sophistication of scams and frauds within the crypto space. I work on these cases every day and witness the emotional damage they can do. It’s clear from the increasing number of crypto-fraud and related cases that come across my desk, that the demand for secure, after -the-event legal expenses insurance has never been greater.
The surge in crypto fraud highlights the critical need for trusted recovery solutions, and I am delighted that we are now able to offer this vital service.
As the industry grows, so does our commitment to protecting our clients in every stage.”
HENRY IS THE CHAIRMAN OF Cypher Tracer, HAVING PREVIOUSLY SERVED AS THE CONSERVATIVE MP FOR NORTH WEST NORFOLK FOR MORE THAN 30 YEARS BEFORE BEING APPOINTED TO THE HOUSE OF LORDS IN 2020.
J. Brent Williams is currently the founder, President and CEO of Euclidian Trust. He founded Euclidian Trust after boot-strapping his last entrepreneurial endeavour, 
Andrew Day has been a qualified solicitor for 15 years, having trained at a city law firm and then ultimately becoming a partner and director of a boutique dispute resolution firm. He has been a key advisor to C-suite decision makers, in-house counsel and family office teams in the strategic control and direction of complex and sensitive disputes. Andrew was responsible for the creation and management of a disruptive collaboration model between the law firm and external experts. The aim was to supply asset tracking and recovery with an intelligence gathering capability, which was developed into a revenue generative service line and a spin-off consultancy. Andrew left the law firm in late 2018 and now works as a consultant to advisory businesses to bring the multi-disciplinary approach to niche areas of claims and advisory work. Andrew was engaged by M2 in early 2021 to help drive the development of client pipeline and products, and with the management of its asset recovery offerings. 
Julian started his career at GNI Ltd in 1982 where he spent 15 years working in and eventually running their Financial Futures division. In 2001, after the sale of the company to Old Mutual, he was appointed CEO of GNI, which employed over 450 staff globally at that time. In 2002, GNI was sold to Man Financial and in 2003 Julian left to become CEO of Fleming Capital Management, a hedge fund seeding platform established by Fleming Family and Partners, the largest multi-family office in the UK. FCM built AUM to c. $500m by 2008 in 4 equity long/short funds but in 2012, a strategic change of direction led to the business being closed and Julian became a consultant to FF&P Corporate Advisory Group. In 2015, following the merger of FF&P with Stonehage, Julian left to establish his own consultancy business, focussing on aiding smaller companies with their strategic direction and capital raising. In 2019, Julian joined London and Oxford Group as Chairman.
Hemant has been a member of the Institute of Chartered Accountants in England and Wales (ICAEW) since 1988. Hemant assists in the financial control, ensuring that financial, governance, and business decisions are compliant. Hemant looks after the marketing budgets, develops financial projections and plans to ensure the prudential requirement is met.