Manhattan District Attorney Alvin Bragg has filed criminal charges against an individual who used a "bogus cryptoasset recovery business" to defraud customers. The New York County District Attorney's Office charged Michael Lauchlan with three counts of grand theft and two counts of fraud scheme for stealing from users of the Coin Dispute Network. Lauchlan exploited customers' inexperience with cryptocurrency to defraud them of thousands of dollars with fake services and stolen assets.

Between July 2022 and June 2023, Coin Dispute Network provided blockchain analysis and services to help recover crypto transactions. Bragg's office seized the firm's website in June 2023, and Lauchlan was arrested in Las Vegas on July 9. The New York County DA seized approximately $14,000 in user funds transferred to CoinEx.

Federal and state authorities in New York have taken various actions against crypto firms operating outside regulatory guidelines and individuals associated with illegal practices. Share your opinions in the comments.