There is a growing demand for crypto training among law enforcement.
In a TRM Labs survey of more than 300 US and international law enforcement professionals, 90% of respondents believe their organizations provide crypto training, but 99% request it be increased.
According to the survey, 93% of respondents were from US law enforcement, with the majority from federal agencies and the remainder from state, county and local agencies. 40% of their investigations involve crypto, and they predict that will reach 51% by 2027. While crypto investigations are expected to increase, most law enforcement professionals feel unprepared for the future.
An outside polling company conducted the survey between October 18 and November 3, 2023. Respondents have been employed by their current law enforcement agency for at least one year and have investigated or handled at least one crime involving cryptocurrency in the past year.
According to the survey, more than 50% of federal agencies currently use blockchain analytics tools, but only 11% of state agencies do. Approximately 61% said they do not have advanced technology to adequately address crypto crime threats.
Related: Crypto Hacking Losses Fall to 50% by 2023: Report
Data from TRM Labs shows that in hacks, bad actors stole $1.7 billion worth of crypto between January and November 2023 – less than half the amount taken last year.
The bridge connecting the HTX exchange and Ethereum was mined for $87 million in crypto assets in November. This hack comes two weeks after crypto exchange Poloniex suffered an unauthorized withdrawal. The Internal Revenue Service (IRS) has included four issues related to cryptocurrency in its list of top 10 issues in 2023.
Approximately 80% of survey participants rate investing in blockchain analytics as a “critical” or “high” priority. But the TRM Labs report found that US law enforcement agencies have not implemented all of their plans to educate their employees on crypto. More than half identify a lack of detectives, expertise and funding as the main obstacles for law enforcement to effectively fight crypto-crime.
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