Global Authorities Go Hand in Hand to Fight Crypto Crimes

The rising crypto crimes in Ukraine made it essential for the world to defeat the hackers as soon as possible. Ukraine, the second largest European country, is in a long war with crypto crimes, losing nearly $40 Million in recent times. Global authorities including the US, UK, and Netherlands also joined the war amid destroying the plan of crypto hackers.

Ukraine’s Strategy to Fight Crypto Crime

The need to combat money laundering, examine fraudulent cryptocurrency transactions, and blockchain forensic investigations is booming, not only in Ukraine but across the world. Ukraine has been fighting crypto crimes for a long time and aimed to add Ukrainian law enforcement officers to tackling blockchain and crypto fraud. To do so, virtual training was offered with relevant tools to fight money laundering, and fraud cryptocurrency transactions and improve blockchain forensic investigations. The training program was introduced in May in collaboration between Chainanalysis and CI, focusing on Ukraine’s cybersecurity.

Around 40 officers from Ukrainian law enforcement took part in the virtual training focused on blockchain tracing. To help Ukraine reach its goal as well as defeat the bad actors, the US, UK, and Dutch authorities also united with Ukraine’s plan. The US Internal Revenue Service Criminal Investigation (CI), collaborates with the United Kingdom’s his Majesty’s Revenue and Customs (HMRC) and the Dutch Fiscal Information and Investigation Service (FIOD). In recent years, all these authorities joined forces with CipherTrace and BlockTrace, the blockchain analytics firms.

The collaboration and training will help countries including Ukraine, the US, the UK, and the Netherlands to enhance their efficiencies in organized crime investigations. Based on the data of Chainanalysis, an American blockchain analysis firm, the percentage of unlawful actions doubled from 0.12% in 2021 to 0.24% in 2022. Working as a single unit will help the universe fight the fraudulent activities happening in the crypto market along with creating a safe, and trustworthy crypto environment.

Crypto Crime Rates

The continuous rise in crypto crimes simply fades the trust of individuals towards digital assets. To get rid of this, the US Federal Bureau of Investigation (FBI) collaborated with the Ukrainian authorities. As a team, several crypto exchanges were suspected of money laundering and cracked down on nine crypto platforms violating the laws.

All these investigations are carried out under an investigation project named “Life is Good”. Based on the investigations and actions, scammers defrauded around a thousand victims and hacked approximately $40 Million. It is also found that the bad actors offered victims the chance to become investors, assuring them of rapid financial growth on investments.

Conclusion

The rising rate of crypto crime made it crucial for the world to fight as a team. Global authorities including FIOD, CI, and HMRC joined Ukraine in the ongoing battle with the crypto scammer. All these authorities joined forces with CipherTrace and BlockTrace to collect in-depth knowledge on money laundering, and fraud cryptocurrency transactions with efforts to improve blockchain forensic investigations.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing