Enforcement Bureau Handling Crypto Investigations Must Optimize Their Infrastructure Using Blockchain Technology

  • August 5, 2022
  • Jennifer Moore

The growth in the crypto community has led to an increase in cybercriminals and money-laundering activities. Although it is a challenging task, it is not possible to trace and track the location of hackers using crypto against their illegal activities. CEO of PayBito, Mr. Raj Chowdhury highlights the need for policymakers and the enforcement bureau to upgrade the current infrastructure suggesting the use of cutting-edge blockchain technology solutions.

A Rise In Crypto Scams And Cyber Crimes

Even in the crypto bear market, crypto crimes have only surged in recent years and is only been increasing. The previous all time high of crypto highjacking has been crossed and surged by 30%. In 2021, a report of fourteen million dollars was reported against crypto criminals. Lately, a survey was conducted comprising three hundred respondents from 183 government firms, where 74% of the participants stated a lack of technical resources to investigate criminals concerning digital assets. 

CEO Speaks

The blockchain pioneer and CEO of PayBito Mr. Raj Chowdhury states, “As the crypto community continues to grow at an astounding pace, government agencies are falling behind in keeping up with the progress. Law enforcement agencies dealing with crypto crimes, in particular, need massive upgrades in their existing infrastructure comprising efficient tools for blockchain analytics.”

Cybercriminals are using digital assets and changing their tricks with the changes in the crypto community. The recent shift in the economy from centralized frameworks to DeFi protocols is difficult to trace. More than half of the above-mentioned survey participants handle over ten crypto investigations annually. Among them, 40% report 20 cases every year. The majority of these investigations surround frauds, ransomware, crypto scams, cybercrime, and drugs.

“The rapid upgrades highlight the need for optimized data visualization. In addition to crypto training, blockchain analytic tools will be crucial in determining the success of an organization,” concluded Chowdhury, who has highlighted blockchain analytics and crypto education.

Wrapping Up

With the number of countries accepting cryptocurrency, and the crypto community market increasing, it is important to use reliable data transactions with the help of the cutting-edge decentralized blockchain architecture. Blockchain technology and the analytical tools associated with it will make a huge difference in regulatory framework agencies, and law enforcement.

Source: https://www.benzinga.com/pressreleases/22/08/n28370456/enforcement-agencies-handling-crypto-investigations-must-upgrade-their-infrastructure-paybito-ceo-

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