The Chainalysis Reactor tool helps track cryptocurrencies from their inception to their placement on trading platforms, police say. Once the program identifies the platform, police officers can ask it for account holder information and transaction data – to find out where the cryptocurrencies were sent from the exchange.
One police officer trained as an investigator and blockchain analyst emphasized the importance of tools like Chainalysis Reactor. The officer said it makes it much easier to find suspects and takes the fight against cybercrime to the next level. Previously, law enforcement officials have been “stumped” when they discovered that digital assets were involved in crimes.
Chainalysis’ partnership with the Calgary, Canada police force began in April 2023. Chainalysis announced the opening of the Cryptocurrency and Blockchain Crime Investigation Center. According to the company, Canada ranked 22nd in cryptocurrency adoption in 2022, compared to 26th in 2021 and 24th in 2020.
The Bank of Canada said the country’s cryptocurrency adoption rate fell from 13.1% to 10% last year. This is due to legislative complexities and decreased confidence in crypto assets due to the bankruptcy of several cryptocurrency lenders.