Interpol forms a new division to investigate crypto-related crimes

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(Kitco News) – Interpol, the world’s largest global police organization, has reportedly formed a new special division that will focus on investigating cryptocurrency-related crimes.

The announcement of the new unit came during a press conference ahead of its 90th general assembly in Delhi, which is attended by high-profile police officials from its 195 member countries.

The new dedicated crypto division will be based in Singapore. It will focus on helping governments fight crimes that involve digital assets.

When discussing the new unit, Interpol secretary general Jürgen Stock highlighted that advancements in digital technology combined with the rise of cryptocurrencies “pose a challenge to law enforcement, because very often, they [agencies] are not properly trained and properly equipped from the beginning.”

According to Stock, a large proportion of the assets produced by criminals for activities related to cybercrime, terrorism and crimes against children are “laundered by using cryptocurrency.”

Praveen Sinha, the special director of India’s Central Bureau of Investigations, also noted that it is becoming increasingly difficult to decipher cybercrime and suggested that “The only answer is international cooperation, coordination, trust, and real-time sharing of information.”

Due to the increased risks, cryptocurrency and cybercrime have been made the main focus of the agenda at Interpol’s general assembly in India, and will continue to be a point of focus moving forward as the agency works towards its vision 2030 plan.

#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

Interpol’s efforts to better track and investigate cryptocurrency crimes have been in the works as far back as 2015 when the agency first began training agents to use cryptos and navigate the darknet.

Most recently, the agency issued a Red Notice for Terraform Labs founder Do Kwon, who has been in hiding over the past five months following the implosion of Terra/Luna and its TerraUSD stablecoin, which sent a contagion shockwave across the crypto ecosystem. Kwon is wanted in South Korea, where he faces charges related to the $60 billion collapse of the projects he founded.