Making crypto conventional by improving crypto crime investigations worldwide
Law enforcement needs to be better educated — alongside regulators and policymakers — to truly make a difference and unlock further crypto mass adoption. When times are tough — as in the pandemic — enterprising human nature goes into overdrive. People seek out alternative ways to make money. That could be one of the reasons why cryptocurrencies skyrocketed in popularity in the last few years, driven in part by large numbers of people sitting at home wondering how to beat low-interest rates and rising inflation.Where there’s cash, however, there are also criminals. Bad actors are experts in....
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The Assistant Commissioner of the City of London Police said the partnership with Komainu would help in “denying criminality the proceeds of crime." Digital asset custodian Komainu is working with authorities in the United Kingdom to store crypto confiscated as part of criminal investigations.Komainu is a custody venture from Japan-based global investment bank Nomura, digital asset manager CoinShares, and hardware wallet manufacturer Ledger. The firm announced it has made an agreement to “securely store digital assets seized during the investigatory process” for police forces in England,....
Law enforcement and regulatory agencies investigating cryptocurrency-related incidents need better data, training and private partnerships, according to an industry survey conducted by Chainalysis. A public agency survey conducted by blockchain analytics firm Chainalysis highlights the need for better tools, training and support for cryptocurrency-related investigations. The blockchain data platform delved into the topic in its 2022 State of Cryptocurrency Investigations Survey, with 74% of respondents indicating their agencies were under-equipped to investigate cryptocurrency-related....
Crypto crime in Hong Kong has soared to its highest level ever. In the first half of this year, almost 500 crypto crimes were recorded in the former British colony, with one user losing out to the tune of $16 million. Total losses for the 496 cases came in at HKD$214 million ($27.5 million), making […]
Three experts from the private sector appeared before the Senate committee Tuesday to talk about ransomware attacks and how to combat them. The collection and processing of information was a major theme at the United States Senate Committee on Homeland Security and Governmental Affairs (HSGAC) hearing titled, “Rising Threats: Ransomware Attacks and Ransom Payments Enabled by Cryptocurrency” on Tuesday. The committee hosted a panel of private-sector experts who discussed the problem of ransomware attacks and the challenges of collecting and using the information necessary to fight them.....
A spokesman for the Justice Department’s Criminal Division told a Senate subcommittee hearing that virtual currencies such as Bitcoin are vulnerable to organized crime. “We have seen increasing use of such currencies by drug dealers, traffickers of child pornography, and perpetrators of large-scale fraud schemes,” Acting Assistant Attorney General Mythili Raman told Congress. The anonymity and untraceability of digital currencies makes them ripe for crime, making law enforcement investigations significantly harder. What’s more, the currencies have no controls in place to stop illegal....