In a recent report, blockchain intelligence firm TRM Labs found that 90% of surveyed participants had received crypto-related training, while 99% said more was needed.
Participants in the 2023 survey, primarily staff from U.S. law enforcement organizations, revealed that 40% of offenses investigated by their organizations were linked to cryptocurrency. Despite the increasing sophistication of criminals, more than 60% of the conducted crypto investigations by respondents’ organizations yielded positive outcomes.
The survey, which included over 300 individuals employed for at least one year in such agencies, revealed that 87% of those using blockchain analytics tools described them as “very” or “extremely” important in achieving successful investigation outcomes.
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Of the respondents, 93% were affiliated with U.S. law enforcement organizations and had participated in one or more crypto-related investigations within the past 12 months. While more than half of federal agency participants reported utilizing blockchain analytics tools, only 11% of surveyed state agencies indicated the same.
Regarding technological preparedness, approximately 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 the same personnel surveyed stating that over 50% of their investigations will involve crypto by 2027. In response to this challenge, 79% deem investment in blockchain analytics a “critical” or “high” priority.
A few weeks earlier, Coinbase, one of the world’s largest cryptocurrency exchanges, disclosed that it received more than 13,000 requests from law enforcement agencies, as per its latest “Transparency Report” published on Nov. 29, a 6% increase in the previous year, and a number coinciding with recent survey predictions.
