Interpol is forming a new division to investigate crypto-related crimes
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(Kitco News) – Interpol, the world’s largest global police organization, has reportedly formed a new special division to focus on the investigation of cryptocurrency-related crimes.
The announcement of the new unit came during a press conference ahead of its 90th general assembly in Delhi, which is attended by high-profile police officials from the 195 member states.
The new dedicated crypto division will be based in Singapore. It will focus on helping governments fight crimes involving digital assets.
Discussing the new unit, Interpol Secretary General Jürgen Stock highlighted that advances in digital technology combined with the rise of cryptocurrencies “pose a challenge for law enforcement, because they often [agencies] is not properly trained and well equipped from the beginning.”
According to Stock, a large proportion of the assets produced by criminals for activities related to cybercrime, terrorism and crimes against children are “laundered using cryptocurrency”.
Praveen Sinha, the Special Director of India’s Central Bureau of Investigations, also noted that cybercrime is becoming increasingly difficult to decipher and suggested that “The only answer is international cooperation, coordination, trust and real-time sharing of information.”
Due to the heightened risk, cryptocurrency and cybercrime have been put at the top of the agenda at Interpol’s General Assembly in India and will continue to be a focal point going forward as the agency works towards its Vision 2030 plan.
#Crypto currencies are emerging as a major threat across the globe: Jurgen Stock, Interpol chief
Interpol’s Global Complex for Innovation in Singapore is working on a mechanism to deal with challenges that arise from #Cryptocurrency
— Sachin Singh (@sachinsingh1010) 18 October 2022
Interpol’s efforts to better track and investigate cryptocurrency crimes have been in the works as far back as 2015, when the agency first began training agents to use crypto and navigate the dark web.
Most recently, the agency issued a Red Notice for Terraform Labs founder Do Kwon, who has been in hiding for the past five months following the implosion of Terra/Luna and its TerraUSD stablecoin, which sent a contagion shockwave across the crypto ecosystem. Kwon is wanted in South Korea, where he faces charges related to the $60 billion collapse of the projects he founded.
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