The law enforcement agency of the Canadian city of Calgary is launching a Cryptocurrency Investigations Unit in collaboration with blockchain analytics company Chainalysis to help fight crypto crime. The center “will enable police to deal with offenses that involve blockchain technology,” Chainalysis detailed.
Cryptocurrency Investigations Unit of Canada
The police force of Calgary, the largest city in the western Canadian province of Alberta and the largest metro area within the three Prairie Provinces region, declared last week that it is launching a “Cryptocurrency Investigations Unit.” The declaration states:
The Calgary Police Service is forming a unique partnership with Chainalysis, a global blockchain data platform, to help fight crypto-crime.
“The formation and implementation of the Western Canada Cryptocurrency Investigations Unit will increase our capacity to ensure public safety, enable proactive policing, enhance technical investigative abilities and provide expert training resources for law enforcement,” the police noted.
As per the statement, Calgarians reported losses totaling $13.9 million due to crypto-related offenses to the police last year, and an additional $3.2 million has already been reported this year.
“Cybercrimes, particularly cryptocurrency scams, can be difficult for law enforcement to totally investigate due to a variety of complex factors, including a variety of international locations and jurisdictions, advanced criminal tactics and rapidly advancing technology,” the police highlighted.
In addition, the announcement explains:
Together, with Chainalysis, the Calgary Police Service Cyber Forensics Unit has established the CPS Blockchain Investigation Team (BIT), focused on aiding cryptocurrency and blockchain-related investigations.
Chainalysis described the new center as “an innovative regional center that will enable law enforcement to tackle crime that takes place using blockchain technology.”
The blockchain firm’s research reveals that there has been a huge surge in the usage and adoption of cryptocurrencies and digital assets in Canada since 2019. In 2022, Canada ranked 22nd on the firm’s Global Crypto Adoption Index, which is an improvement from 26th in 2021 and 24th in 2020.
What are your thoughts on this crypto center set up by the Canadian police service and Chainalysis? Let us know in the comments section below.
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