Police in the Canadian city of Calgary are partnering with blockchain analytics firm Chainalysis to launch the Cryptocurrency Investigations Centre” in partnership with blockchain analytics firm Chainalysis to combat cryptocurrency crime. The center will “enable law enforcement to tackle crimes committed using blockchain technology,” Chainalysis explains.
Canada’s Cryptocurrency Investigations Centre
The police department of Calgary, the largest city in Western Alberta, Canada, and the largest metropolitan area within the Prairie Provinces 3 region, announced last week the creation of a “Cryptocurrency Investigations Centre.” The announcement explained that:
The Calgary Police Department has entered into a unique partnership with Chainalysis, a global blockchain data platform, to help combat cryptocrime.
“The establishment and implementation of the Western Canada Cryptocurrency Investigation Centre will enhance the ability to ensure the public’s public safety, enable proactive policing, enhance technical investigative capabilities, and provide specialized training resources to law enforcement agencies,” police noted.
According to the announcement, Calgarina reported a total of $13.9 million in cryptocurrency-related crime losses to police last year, with an additional $3.2 million reported so far this year.
“Cybercrime, particularly cryptocurrency fraud, can be difficult for law enforcement to fully investigate due to a variety of complex factors, including various international locations and jurisdictions, sophisticated criminal techniques, and rapidly advancing technology,” police stressed.
Further details of the announcement are as follows:
The Calgary Police Cyber Forensics Unit, in collaboration with Chainalysis, has established a dedicated team to support cryptocurrency and blockchain-related investigations, the CPS Blockchain Investigation Team (BIT).
Chainalysis describes the new center as “an innovative regional center that will enable law enforcement to tackle crimes committed using blockchain technology.”
The blockchain company’s research shows a significant surge in the use and adoption of cryptocurrencies and digital assets in Canada since 2019; in 2022, Canada ranked 22nd in its Global Crypto Adoption Index, up from 26th in 2021 and improved from 24th in 2020.
Image credit:: Shutterstock, Pixabay, Wiki Commons.
