Blockchain Intelligence Firm Finds Crypto-Related Training is Needed
A recent report from blockchain intelligence firm TRM Labs revealed that 90% of surveyed participants had received crypto-related training, but 99% believed that more training was necessary. The participants in the survey were primarily staff from U.S. law enforcement organizations.
40% of Offenses Investigated are Linked to Cryptocurrency
The survey also found that 40% of offenses investigated by these organizations were connected to cryptocurrency. Despite the increasing sophistication of criminals, more than 60% of the conducted crypto investigations by respondents’ organizations yielded positive outcomes.
Blockchain Analytics Tools are Important for Successful Investigations
The survey showed that 87% of those using blockchain analytics tools described them as “very” or “extremely” important in achieving successful investigation outcomes. However, while more than half of federal agency participants reported utilizing these tools, only 11% of surveyed state agencies indicated the same.
Technological Preparedness and Investment in Blockchain Analytics
About 61% of respondents expressed a lack of sufficient technology to address the latest threats posed by crypto criminals. The survey predicted a surge in cryptocurrency-related cases, with over 50% of their investigations involving crypto by 2027. As a response, 79% deemed investment in blockchain analytics a “critical” or “high” priority.
Coinbase Receives Over 13,000 Requests from Law Enforcement Agencies
Coinbase, one of the world’s largest cryptocurrency exchanges, revealed in its latest “Transparency Report” that it received over 13,000 requests from law enforcement agencies. This number coincides with recent survey predictions and represents a 6% increase compared to the previous year.
Hot Take: Law Enforcement Agencies Recognize the Importance of Crypto-Related Training and Tools
Law enforcement agencies are increasingly recognizing the significance of crypto-related training and tools in combating cryptocurrency-related crimes. The survey conducted by TRM Labs highlights the need for more training and investment in blockchain analytics to effectively address these threats. With a significant number of offenses being linked to cryptocurrency, it is crucial for agencies to enhance their technological preparedness and stay ahead of criminals. The findings also align with Coinbase’s Transparency Report, indicating the growing demand for cooperation between exchanges and law enforcement agencies to ensure a safer crypto ecosystem.
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