According to Interpol Secretary General Jürgen Stock, law enforcement organizations “very frequently” lack the knowledge or tools necessary to investigate crypto crimes.
According to reports, the International Criminal Police Organization is preparing to create a specialized division to increase its focus on cryptocurrency-related crimes.
According to a report by the Indian news outlet Business Standard on October 17, Interpol, the largest international police organization, has established a dedicated squad in Singapore to assist nations in battling crimes utilizing virtual assets.
In advance of its 90th general assembly, which will be attended by prominent police officers from its 195 members from October 18 to October 21, Interpol made the news during a press conference.
The lack of a regulatory framework for cryptocurrencies like Bitcoin (BTC tickers down $19,377) and Ether (ETH tickers down $1,307) presents significant difficulties for law enforcement organizations, according to Interpol Secretary General Jürgen Stock. According to Stock, this is “because very often, agencies are not adequately trained and well prepared” to deal cryptocurrency crimes at first.
Stock also noted that the key topics on the agenda for Interpol’s general assembly in India will be cryptocurrencies and cybercrime.
#Crypto currencies are emerging as major threat across the globe: Jurgen Stock, Interpol chief
The Interpol global complex for innovation in Singapore is working on a mechanism to deal with challenges emerging from #Cryptocurency
— Sachin Singh (@sachinsingh1010) October 18, 2022
The special director of India’s Central Bureau of Investigations, Praveen Sinha, reaffirmed that it has become more challenging to keep track of cybercrime. He also emphasized Interpol’s contribution to building and fostering improved international police cooperation.
International cooperation, coordination, trust, and real-time information sharing, according to Sinha, are the only solutions.
The information was released shortly after Interpol in September sent a “red notice” to international law enforcement for the detention of Terraform Labs co-founder Do Kwon. Prior to the collapse of the Terra ecosystem in May 2022, South Korean prosecutors in Seoul requested that Interpol send Do Kwon’s “red alert” to all 195 of the organization’s member states.
The most recent initiatives by Interpol to better track cryptocurrency crimes are not the first attempts by the organization to acquire more knowledge in the field. Since at least 2015, Interpol has been working to increase its knowledge of bitcoin transactions and identify criminal activity in the darknet.
2020 will see Interpol and Trend Micro collaborate to lessen the cryptojacking that affects routers throughout South-East Asia. The government also collaborated with S2W Lab, a South Korean data intelligence business, to examine dark web activities in March 2020, including bitcoin transactions.