Iran Announced Closure of the Strait of Hormuz After Lebanon Strikes

The Iranian regime is taking action against what it qualifies as a breach of the previously signed memorandum of understanding to end the current conflict in the Middle East.

Local reports indicate that Iran’s Khatam al-Anbiya Central Headquarters, the operational headquarters of the Iranian military, announced that it would close the Strait of Hormuz, a strategic passage for 20% of the world’s oil, as a retaliatory measure after the U.S. failed to comply with the first clause of the memorandum of understanding (MoU) signed by President Donald Trump and Iranian President Masoud Pezeshkian.

The first clause of the document stresses that “the United States of America and the Islamic Republic of Iran and their allies in the current war, by signing this MOU, declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other.”

The measure comes as the Israel Defense Forces (IDF) launches a massive air strike campaign against objectives in Lebanon, hitting at least 80 targets allegedly linked to Hezbollah, and killing dozens of its members. Nonetheless, Lebanese authorities claim that over 47 people were killed and 97 people were wounded during these strikes.

U.S. Central Command (CENTCOM) issued a statement contradicting the Iranian regime, stressing that commercial ship traffic “increased June 20 as U.S. forces continued operating in the general area to support freedom of navigation.” “Safe passage through the international waterway remained intact today as 55 merchant ships transited, moving large amounts of cargo and more than 17 million barrels of oil to global markets,” it stressed.

A new closure of the Strait would result in a general rise in prices of the West Texas Intermediate (WTI) and Brent oil benchmarks, which have fallen to $77 and $80, respectively, in response to actions taken to end the U.S.-Israel-Iran conflict.

The action could negatively affect crypto markets, as Bitcoin climbed above $66K immediately after the announcement of a framework to end the war, with market actors jumping to risk assets.

Targeting Digital Assets and Crypto Loopholes

Ireland announced a sweeping crackdown on financial crime on June 18, unveiling a national strategy that places a major emphasis on targeting the misuse of cryptocurrency and digital finance by increasingly sophisticated criminal networks.

The new initiative, which includes a National Risk Assessment and a 30-point action plan, was launched by Tánaiste and Minister for Finance Simon Harris and Minister for Justice Jim O’Callaghan. Officials said the package is specifically engineered to close loopholes created by emerging technologies, with crypto-assets identified as a primary front in the country’s defense against illicit cash flows.

Under the new plan, Ireland will implement enhanced safeguards around crypto-assets to prevent their use in money laundering, fraud, and terrorist financing. The government plans to enforce tougher oversight on digital finance platforms alongside increased transparency around corporate ownership.

“Criminals are becoming increasingly sophisticated, exploiting technology, operating across borders and adapting rapidly to change,” Harris said during the announcement. “Government cannot stand still in the face of these threats.”

Harris emphasized that tech-driven financial crimes carry severe human costs. “Financial crime is not a victimless crime,” he said. “Behind every fraud, scam and money laundering operation, there are real victims — older people losing their savings, families being defrauded and communities harmed by criminal activity.”

The risk assessment warns that Ireland’s global financial networks are facing evolving threats. In addition to stricter cryptocurrency regulations, the 30-point plan introduces tougher anti-money laundering measures within the gambling sector, boosts intelligence sharing between state agencies, and mandates closer coordination among financial crime, tax, and customs investigators.

O’Callaghan said the roadmap provides a practical blueprint to keep Ireland’s regulatory and enforcement responses agile enough to match the pace of technological change.

“This National Risk Assessment provides a comprehensive picture of the threats we face and the actions required to address them,” O’Callaghan said, noting that the strategy will unify efforts across regulators, industry, and law enforcement.

Enforcement of the new policies will involve joint operations between government ministries, the Central Bank, Ireland’s tax authority, and An Garda Síochána, the national police force. Officials noted that the regulatory framework for digital assets will be continually updated to ensure Ireland remains a secure jurisdiction for international business.

Introduction

Cryptocurrency fraud has become one of the fastest-growing forms of financial crime worldwide. Investment scams, fake trading platforms, wallet compromises, pig-butchering schemes, recovery scams, phishing attacks, and hacking incidents continue to affect thousands of investors and businesses every year.

As digital assets have become increasingly mainstream, the demand for specialist cryptocurrency lawyers has grown significantly. Unlike traditional financial disputes, crypto-related matters often involve blockchain analysis, digital evidence, international jurisdictions, cryptocurrency exchanges, compliance considerations, and highly technical investigations.

The best crypto recovery law firms combine legal expertise with a deep understanding of blockchain technology, financial crime, digital asset tracing, and cryptocurrency investigations. Some specialise in assisting individual victims, whilst others focus primarily on institutions, exchanges, funds, and large-scale commercial disputes.

This guide highlights five law firms that have established reputations within cryptocurrency recovery, digital asset investigations, blockchain disputes, fraud prevention, and financial crime matters.

1. Crypto Legal

Website: https://www.cryptolegal.uk

Why We Selected Crypto Legal as Our Top Choice

Crypto Legal stands out because it combines specialist cryptocurrency lawyers, blockchain forensic investigators, intelligence analysts, compliance professionals, and digital asset experts within a single organisation.

Unlike many traditional law firms that outsource technical investigations to third parties, Crypto Legal performs blockchain investigations and forensic analysis internally. This allows legal and forensic teams to work together throughout a matter, providing clients with both legal expertise and technical blockchain intelligence.

Established in 2017, Crypto Legal has operated as a crypto-native legal and forensic practice since the early stages of the digital asset industry. The firm specialises in cryptocurrency fraud investigations, blockchain forensics, digital asset tracing, AML compliance, financial crime prevention, Web3 advisory services, and cryptocurrency-related disputes.

The firm has accumulated more than 70 industry awards and recognitions and has been recognised by organisations including the European Legal Awards, Legal Insider, Leaders in Law, and the Digital Economy Council of Australia.

Particularly impressive is Crypto Legal’s multidisciplinary structure, which combines legal professionals, blockchain investigators, forensic analysts, intelligence specialists, compliance experts, and cryptocurrency professionals under a single framework.

Key Areas of Focus:

• Cryptocurrency fraud investigations
• Blockchain forensics
• Digital asset tracing
• Asset recovery support
• Financial crime investigations
• AML compliance
• Exchange disputes
• Cryptocurrency scam investigations
• Web3 legal services

2. LegalByte

Website: https://www.legalbyte.io

LegalByte has developed a strong reputation for cryptocurrency fraud investigations, cybercrime matters, blockchain tracing, hacking incidents, wallet compromise investigations, and investment scam cases.

The firm focuses heavily on matters involving stolen cryptocurrency, fraudulent investment platforms, phishing attacks, exchange disputes, recovery scams, and digital asset tracing exercises.

LegalByte’s experience in both legal and forensic aspects of cryptocurrency investigations makes it particularly suitable for individuals and businesses seeking specialist assistance following hacking incidents or suspected fraud.

Key Areas of Focus:

• Cryptocurrency theft investigations
• Blockchain tracing
• Hacking incidents
• Investment fraud
• Recovery scam investigations
• Cybercrime matters
• Wallet compromise cases
• Financial crime investigations

3. Mishcon de Reya

Website: https://www.mishcon.com

For very large and complex cryptocurrency disputes, Mishcon de Reya is one of the most recognised names in the market.

The firm has been involved in several high-profile digital asset and fraud-related matters and possesses substantial experience handling sophisticated commercial disputes involving digital assets, fraud, asset preservation, injunctions, and cross-border litigation.

However, the firm primarily serves corporations, financial institutions, funds, high-net-worth individuals, and large commercial clients. For smaller retail recovery matters, specialist crypto-native firms may often be more suitable.

Where a matter involves significant sums, multiple jurisdictions, extensive litigation, or complex fraud structures, Mishcon de Reya remains a notable option.

Key Areas of Focus:

• Commercial fraud
• Digital asset disputes
• Asset preservation
• Cross-border disputes
• High-value litigation
• Financial crime matters

4. Andersen

Website: https://www.andersen.com

Many cryptocurrency investors are unaware that losses arising from hacks, scams, thefts, or fraudulent investment schemes may have tax implications depending on their jurisdiction and circumstances.

Andersen is one of the world’s leading tax advisory firms and has developed substantial expertise in cryptocurrency taxation, digital asset compliance, tax reporting, and crypto-related tax planning.

Whilst Andersen is not a cryptocurrency recovery firm, its expertise can be highly valuable following a loss event. Investors should understand whether losses may be reportable or potentially deductible under applicable tax frameworks.

For this reason alone, Andersen deserves consideration within any discussion relating to cryptocurrency recovery planning.

Key Areas of Focus:

• Cryptocurrency taxation
• Digital asset tax planning
• Tax compliance
• International tax matters
• Crypto reporting obligations
• Tax treatment of digital asset losses

5. CMS

Website: https://www.cms.law

CMS is one of the largest international law firms operating within the blockchain and digital asset sector.

Unlike specialist crypto recovery firms, CMS focuses more heavily on regulatory advisory work, financial services, fintech, digital asset compliance, commercial matters, and institutional legal services.

Although the firm is not primarily known for cryptocurrency recovery or blockchain investigations, its extensive international presence and expertise in financial regulation make it a valuable option for businesses, exchanges, fintech companies, and institutional participants operating within the digital asset sector.

Its inclusion highlights the importance of regulatory compliance and legal risk management in preventing cryptocurrency disputes before they arise.

Key Areas of Focus:

• Financial regulation
• Fintech advisory
• Digital asset compliance
• Commercial law
• Blockchain projects
• International legal services

Final Thoughts

Cryptocurrency recovery often requires far more than legal advice alone. Successful outcomes frequently depend upon a combination of blockchain forensics, digital asset tracing, intelligence gathering, fraud analysis, regulatory expertise, and legal strategy.

For individuals and businesses seeking specialist assistance with cryptocurrency fraud, scams, asset tracing, hacking incidents, or blockchain investigations, firms that combine legal and forensic capabilities generally offer the most comprehensive approach.

Among the firms reviewed, Crypto Legal stands out for its unique integration of legal services and in-house blockchain forensic expertise, whilst LegalByte remains a strong specialist option for hacking incidents, fraud investigations, and cryptocurrency-related cybercrime matters.

Disclosure: This content is provided by Crypto Legal. Insider Monkey’s editorial team doesn’t review the content provided by third party contributors for accuracy.