Law Enforcement Agencies Worldwide Prepare to Tackle Crypto Crimes
Nearly 50% of respondents in a survey believe that with the right tools, crypto illicit transactions are easier to deal with. As cryptocurrencies continue to rise in popularity, so do crypto crimes. This is a pattern seen with the advent of new technologies, such as the Internet.
Blockchain analytics company TRM Labs conducted a survey titled ‘Tackling Crypto Crime’ involving 300 US and international law enforcement professionals. The survey highlights how crypto crimes are becoming a core focus for law enforcement activities.
On-Chain Analysis Tools Are Crucial for Investigating Crypto Crimes
According to the survey, around 87% of respondents who have used on-chain analysis tools find them extremely important for successful investigations of crypto crimes. These tools allow investigators to track the flow of funds on the public ledger-like technology of blockchain transactions, despite their anonymity.
Enforcement Officers Receive Crypto Training
Hackers stole over $3 billion worth of crypto assets in 2022. However, in 2023, this amount was reduced by nearly 50% to $1.7 billion due to law enforcement officers receiving crypto training worldwide.
In November, Ukrainian law enforcement officials received training in advanced techniques and tools to investigate crypto crimes. Singapore also launched dedicated task forces to combat tech and crypto crimes.
A staggering 90% of respondents revealed that their organizations provided them with some degree of crypto training. Participants in the survey had at least one year of experience in law enforcement and actively contributed to investigating at least one crypto-related crime.
Hot Take: How Law Enforcement Agencies Can Combat Crypto Crimes More Effectively
With the increasing prevalence of crypto crimes, it is crucial for law enforcement agencies worldwide to receive adequate training in using on-chain analysis tools. These tools enable investigators to track the flow of funds on the blockchain, making crypto illicit transactions easier to deal with.
By equipping law enforcement professionals with the necessary skills and knowledge, the fight against crypto crimes can be more effective. Additionally, continued collaboration and sharing of best practices among different jurisdictions can further enhance efforts to combat these crimes.
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