Briefly –
- Massive cryptocurrency hacking attempts seem to increase with time.
- Security authorities make large-scale retrievals of stolen money.
- Police officers receive crypto training as they continue to discover cryptocurrency hackers and fraudsters.
Latest reports suggest cases related to crypto thefts and scams have increased rapidly. As this industry gains global recognition and acceptance, more illegal facets make their way into the marketplace. Various protocols and networks have reported cryptocurrency scams within the past year.
Nevertheless, top regulators are working to solve the situation. The move had the police and authorities successfully retrieve several stolen funds. That helps individuals that lost money. It also ensures increased safety within the crypto industry.
Securities Authorities to Make Crypto Secure
The Manchester police ended a party that could have seen a massive crypto attack mid-last year. They seized multiple USBs plus a digital safe with $16 million in crypto. Ethereum accounted for most of these stolen tokens. That came nearly a month after Leicestershire lawmakers recovered ten different digital tokens following a drug dealer house raid. The dealer used cryptocurrency for buying and selling drugs.
Besides that, Metropolitan Police conducted a cryptocurrency haul for nearly $180 million in 2021. That shows the commitment of security watchdogs to safeguard the funds and assets of investors. Moreover, information of 27 United Kingdom regional police undertakings shows a massive action taken against crypto hacks and scams since 2017. The authorities increased raids significantly, recovering more money and assets so far.
These numbers have witnessed colossal increases in 2021 than before. The previous year saw nearly 22 different digital coins confiscated. However, that meant a massive increase from the four crypto types seized in 2020.
BTC and Ethereum still top the scammed assets list. Nevertheless, criminals persuaded other digital currencies, including stablecoin. The Leicestershire police recovery included DOR, ENJ, NEO, and CHZ. Another recovery trial by the South & West Wales Crypto Unit led to eight cryptos in seizures. The list incorporated the likes of Luxury Coin and CAKE.
Retrieving Stolen Crypto Is a Learning Curve for Lawmakers
Experts trusts that security officials are mastering the game of recovering stolen digital assets. The police force will see their response getting better and more effective as far as crypto crimes are concerned. Phil Ariss, the national police response to crypto frauds coordinator, recently confirmed around 300 officers trained in crypto. Also, multiple police officials will receive similar training soon. Such instructions will help them maneuver within the crypto arena.
Most of these security officials are investigating different crypto scam cases. These cases comprise up to 40 different crypto types. Meanwhile, some cases feature money laundering, terrorism finance, and drug trafficking.
Nevertheless, these cases have their details kept private. Regulators trust that revealing details such as the amount of seized assets will alert other fraudsters. Thus, these investigations are private in most cases. Nevertheless, there are cases where authorities revealed the worth of retrieved assets.
Furthermore, security officials typically outsource storing of the recovered virtual tokens. They most utilize e-wallets by third-party providers. Nevertheless, exchanges or companies approached for such services are kept a secret for security purposes.
Meanwhile, cryptocurrency firms in the United Kingdom use massive payment increases to attract cybercrime specialists. Reports suggest that approximately 15 individuals with a law execution background have joined leading cryptocurrency firms. Companies related to this include Binance Holdings, Coinbase Global, and Chainalysis.
Binance’s regulatory woes globally have the platform hiring new experts to improve on its regulatory wars. Recently, the crypto firm employed Steven McWhirter as its Regulatory Policy Director. Nevertheless, increased cryptocurrency crimes by attackers and the seizure rate triggered the need for trained cybercrime cops.
Experts believe the expanding market will see more fraudsters joining the crypto sector. The decentralized and anonymous blockchain and crypto’s nature attract these criminals. Nevertheless, security officials remain dedicated to ensuring safety and transparency within the crypto world.
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