Originally posted on: https://www.insurancebusinessmag.com/uk/news/breaking-news/m2-recovery-tackles-crypto-scams-with-new-insurance-policy-517330.aspx
Cypher Tracer has announced an expansion of its crypto insurance policy with the introduction of after-the-event (ATE) legal expenses insurance. This new offering, developed in partnership with Lloyd’s of London insurers and broker McGill and Partners, is designed to help individuals recover stolen digital assets after they have already been targeted by crypto fraud.
According to a news release, the addition of ATE insurance comes at a time when crypto scams are on the rise. Recent data from TRM Labs revealed that the value of stolen crypto assets worldwide more than doubled in the first half of 2024. This surge in theft coincides with an increase in first-time crypto investors, many of whom are drawn to the market by the promise of high returns. However, this influx of new investors has also led to a growing number of victims of fraud.
Cypher Tracer’s new policy is aimed at providing financial support and legal expertise for those who have already been affected by crypto theft. The company highlighted that investigating and recovering stolen assets can be a costly process, with expenses often exceeding $250,000.
Neil Holloway, founder and managing director of Cypher Tracer, noted the significance of the new offering. “The safety and security of your crypto remains our top priority,” Holloway said. “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.”
Louise Abbott, director of legal services at Cypher Tracer and a crypto law specialist, shared her perspective on the growing problem of crypto fraud. “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,” she said.
“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.”
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.