Law Enforcement Personnel Request More Crypto Training, Report by TRM Labs Reveals
Summary:
In a report by TRM Labs, 90% of law enforcement professionals said their organizations provide cryptocurrency training, but 99% felt more should be done. Despite an expected rise in crypto-related investigations, many feel unprepared. The report indicated a lack of advanced technology to combat crypto crimes. Data revealed hacks led to the theft of $1.7 billion worth of crypto in 2023, less than half of the previous year. Moreover, more than half of these professionals viewed the lack of investigators, expertise, and funding as primary challenges in fighting crypto crimes.
A report by TRM Labs named Tackling Crypto Crime, comprising responses from over 300 law enforcement professionals from the U.S and across the globe, reveals that while 90% claim their organizations provide training on cryptocurrency, an alarming 99% demand further enhancement in this training. The responders predominantly belonged to the U.S. law enforcement agencies (93%), majorly federal, followed by state, county, and local bodies. Cryptocurrency formed a part of 40% of their investigative instances, a figure they expect to surpass 51% by 2027. Despite foreseeing this surge in crypto-related studies, a majority of law enforcement personnel confessed to being inadequately equipped for such a development.
The survey was carried out in collaboration with an external polling company between October 18 and Nov. 3, 2023. Eligible respondents held a minimum of a one-year tenure in their current law enforcement body and had supervised or investigated at least one criminal case involving cryptocurrency over the last year.
The survey reports that while over half of the federal agencies are utilizing blockchain analytics tools, a mere 11% of state agencies have adopted this technology. Approximately 61% admitted to a scarcity of sophisticated technology to counter effectively crypto-related criminal threats.
Data from TRM Labs indicates that between January and November 2023, criminal activities led to stealing of crypto assets worth roughly $1.7 billion – a number predicted to be less than half compared to the previous year's theft. The HTX exchange suffered from an exploitation of nearly $87 million in crypto assets in November, owing to a breach in its connection with Ethereum. This occurred merely two weeks post the unauthorized withdrawals faced by the Poloniex crypto exchange. IRS included four crypto-related cases in its 2023's top 10 case list.
Around 80% of responders identified the significance of investing in blockchain analytics as either "critical" or "high". However, the TRM Labs report critiques the U.S. law enforcement for not completely implementing its plans to train its personnel on cryptocurrency. More than half of the respondents considered the lack of investigators, subject-matter expertise, and funding as the primary hurdles for law enforcement's efficiency in battling crypto crimes.
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Published At
12/21/2023 2:50:45 PM
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