Calgary, Alberta, Canada’s police force has partnered with Chainalysis, an analytical company, to establish the Center for the Investigation of Crimes Related to Cryptocurrencies and Blockchain.
The CPS Blockchain Investigation Team (BIT) was formed by the Cybercrime Investigation Unit of the Calgary Police Service to investigate crimes involving digital assets.
Reports from locals indicated that last year alone, losses amounting to $13.9 million were attributed to crypto-related crimes, and this year has already seen losses of $3.2 million.
Chainalysis reports a surge in the use of cryptocurrencies in Canada since 2019, with the country ranking 22nd in terms of adoption of cryptocurrencies in 2022, compared to 26th and 24th in 2021 and 2020, respectively.
In light of this, the Calgary police expect the Investigation Center to improve the technical skills of law enforcement officers, allowing them to investigate and notify the public about suspicious schemes.
As technology advances, the investigation of cybercrime, including cryptocurrency fraud, becomes increasingly challenging, especially since criminals use sophisticated methods, and may be located in other jurisdictions.
The Chainalysis annual report states that in 2022, the total value of illegally obtained crypto assets reached an all-time high of $20.1 billion.
Despite this, the income generated by ransomware attacks decreased by 40%, possibly due to victims’ unwillingness to pay the ransom.