Down with crypto crimes in Canada! – THE cryptocurrencies are sometimes considered thetool of criminals and fraudsters. Decentralization would indeed become a silent weapon allowing rapid, discreet and anonymous transfers of funds. In this context, the on-chain analysis company Chainalysis and the service of Calgary police recently collaborated to launch a survey center in Western Canada.
Calgary Police’s New Crypto Lethal Weapon
Since the creation of Bitcoin, government agencies around the world must confront crypto crime. Because yes, many are the dirty hands that have stained the queen of cryptocurrencies and her peers. Hacks, frauds, Ponzi schemes then became the scourge of Satoshi Nakamoto’s creation.
In this context, exacerbated by a catastrophic year 2022more and more regulators and law enforcement agencies are working to develop ways to control the use cryptocurrencies and especially prevent fraud. Some are repressive, like the US regulation that cannot support bitcoin. Others opt for a more pragmatic approach.
This is the case of the Calgary Police Service in Canada, which recently launched the Western Canada Cryptocurrency Investigations Centrea center created in partnership with Chainalysis, a company specializing in blockchain analysis.
« Together with the Calgary Police, today we are launching the Western Canada Cryptocurrency Investigations Centrea partnership that will enable law enforcement to protect Canadians and build trust in digital assets.»
Tweet de Chainalysis
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Chainalysis: The Crypto Police Academy
The joint working group started its activity on April 12. It is the symbol of an expected partnership between Chainalysis and public services. The objectives of this center are multiple. It must accompany a augmentation massive rateadoption of cryptocurrencies in Canada which jumped more than 200% between 2019 and January 2023. This rapid growth, however, has been accompanied by an increase in the online crime. In 2022, over $41 million funds have been lost to cryptocurrency scams in Canada.
“This demonstration of public-private partnership to solve new problems in financial services is a model that the rest of the world can learn from”
Jonathan Levin, co-founder of Chainalysis
The new center will therefore have to redouble its efforts to deal with this situation. Officers will also be able to benefit from a “24 hour support” from Chainalysis. Thus, by coming to the field with the police, Chainalysis also confirms that it wishes to create a peaceful setting and protected for this country which is gradually adopting cryptocurrencies.
This collaborative model is reminiscent of theimportance of security in our sector, which still sometimes suffers from inadequate or absent regulation. This novel system, however, underlines a legitimate question. What tools can we bring to finance and the traditional world to enable large-scale security of our cryptocurrencies? The answers to this question are multiple, but all come together on the same evidence. Don’t forget the healthy gestures for keep your cryptocurrency safe !
Disasters and hacks don’t just happen to others! It is better never to entrust the security of your cryptocurrencies to a third party. To sleep with peace of mind, equip yourself with a secure hardware wallet. Ledger, offers you up to $30 in BTC for the purchase of a Nano key. Your security is priceless (commercial link).
