Calgary, Canada Cracks Down on Crypto Crime

Calgary, Canada is setting up a new training and investigations hub hosted by local police authorities. The purpose is to deal with rising crypto crime that residents have reported. The goal is to keep crime numbers down and make sure people know how to avoid digital scams in the future.

Calgary Gets Serious About Crypto-Related Crime

Crypto scams are nothing new, but they appear to have grown in both size and strength over the past few years. Calgary wants to make sure people are aware of the many red flags that are often made apparent with so many faulty (or fake) crypto investing programs.

The Calgary Police Service (CPS) is now partnering with blockchain analysis firm Chainalysis to ensure proper software, data, and research options are available to members of the Western Canada Cryptocurrency Investigations Center to ensure the program is successful in training citizens on what to avoid and what to do. CPS Chief Mark Neufeld said in a recent interview:

If [the] same person clicks on the wrong link on an email and has thousands of dollars stolen from them, we need to be able to move heaven and earth in the very same way and release those same hounds in the digital world so that we can get that money back.

He’s confident in the relationship his organization has formed with Chainalysis and believes his associates will be able to get the information they need to tackle more crypto-related investigations. He mentioned:

Cyber is quickly becoming a component of criminal activity, and [it] often requires collaboration between law enforcement and other expert industries. We are thrilled to be part of an innovative partnership with Chainalysis where cybersecurity expertise is shared among the Calgary Police Service and private enterprise[s].

In 2022, it was estimated that residents of Calgary lost close to $14 million in crypto funds due to thievery and scams. In 2023, just five months in, the number is a reported $3 million. Neufeld says these numbers are inaccurate and likely much larger given how much crypto crime goes unreported due to the technicality behind it. He said:

I think once people understand that the Calgary Police Service is committed to keeping businesses and individuals safe in that space, I think you will see people coming forward, and that’s good. The more people that come forward, the better we can understand those trends and what’s happening there and respond to it.

All the Transactions Can Be Seen

Gurvais Grigg – public safety chief technology officer with Chainalysis – stated:

One of the powerful things about the blockchain is it’s a publicly available ledger. So, I like to say, even if you didn’t know who the subject of the investigation is today, those records are going to still be there six years from now.

Tags: Calgary, Chainalysis, crypto crime