Protecting Crypto Readers from Scams: How the Lethbridge Police Service is Using Technology
The Lethbridge Police Service (LPS) in Canada is taking action against crypto scams and helping victims recover their funds. Here’s what you need to know:
1. LPS is using Chainalysis Reactor to trace crypto transactions and recover stolen funds.
2. The software can identify and categorize millions of addresses, both legal and illegal.
3. A certified blockchain analysis investigator from the Economic Crimes Unit will assist with the investigations.
4. By inputting relevant data, the program can trace the journey of stolen funds from victims’ wallets to exchanges.
5. The main goal is to help victims recover their money, but apprehending wrongdoers remains a priority.
Crypto scams in Canada have caused losses of over $300 million in 2022 alone. Fraudsters often pose as legitimate investment firms, gaining the trust of unsuspecting investors before manipulating them into transferring their crypto.
In conclusion, the Lethbridge Police Service is using Chainalysis Reactor and blockchain analysis to track transactions and recover stolen coins, with the aim of assisting victims of crypto scams. This technology-driven approach is crucial in the fight against fraudulent schemes targeting crypto investors.
Sources: [1]
By
By
By
By
By
By