Law enforcement agencies worldwide are preparing to tackle crypto crimes by receiving adequate training in using on-chain tools. Nearly 50% of respondents in a survey believe that with the right tools, crypto illicit transactions are easier to deal with.
It is indisputable that, alongside the rise of cryptocurrencies, crypto crimes are here to stay. This pattern continues with the advent of each new technology. For instance, as the Internet gained popularity, crimes facilitated by the Internet experienced a parallel increase.
How On-Chain Analysis Tools Are Contributing to Reducing Crypto Crimes
Blockchain analytics company TRM Labs published a survey titled ‘Tackling Crypto Crime‘ that discusses how crypto crimes are becoming a core focus of law enforcement activities. 300 US and International Law Enforcement Professionals participated in the survey.
On-chain analytical tools are essential for dealing with sophisticated crypto transactions. As a matter of fact, around 87% of the respondents who have used on-chain analysis tools believe that they are very or extremely important for the successful investigation of crypto crimes.
Importance of On-Chain Analysis Tools For The Successful Investigation of Crypto Crimes. Source: TRM Labs
Blockchain transactions are anonymous, but the technology is like a public ledger. With the right knowledge, the investigators can easily track the flow of funds. Hence, the survey reveals:
“Nearly 50 percent of respondents who said they had the right tools viewed crypto investigations as actually easier than conventional ones.”
Enforcement Officers Receive Crypto Training
Hackers stole more than $3 billion worth of crypto assets in 2022. However, in 2023, despite the market recovery, the amount lost to hackers was reduced by nearly 50% to $1.7 billion.This is because, across the world, law enforcement officers are receiving crypto training.
Moreover, there are crypto sleuths such as ZachXBT who constantly contribute to exposing crypto crimes.
In November, BeInCrypto reported that some Ukrainian law enforcement officials received training in advanced techniques and tools to investigate crypto crimes. Also, Singapore launched dedicated task forces to fight tech and crypto crimes.
A whopping 90% of respondents revealed that their organization provided them with some degree of crypto training.
Participants of the survey were required to have a minimum of one year of experience working within a specific law enforcement agency. Additionally, another criterion was that they should have actively contributed to the investigation of at least one crypto-related crime.
