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The Calgary police in the Canadian province of Alberta, in partnership with the analytical company Chainalysis, have opened a Center for Investigation of Crimes Related to Cryptocurrency and Blockchain.
The Calgary Police Service's Cybercrime Unit has formed the CPS Blockchain Investigation Team (BIT) to investigate crimes involving crypto assets. According to police, last year local residents reported cryptocurrency-related losses totaling $13.9 million, and this year they have already lost $3.2 million.
According to Chainalysis, the country has seen a significant surge in the use of cryptocurrencies since 2019. In 2022, Canada ranked 22nd among countries in cryptocurrency adoption, while it ranked 26th and 24th in 2021 and 2020, respectively.
Therefore, the Calgary Police believes that the creation of the Investigation Center will help ensure the safety of citizens: law enforcement agencies will be able to alert the public to suspicious schemes, as well as improve their technical skills in investigating crimes.
“Investigating cybercrimes, including cryptocurrency fraud, is made more difficult by rapid advances in technology as criminals use sophisticated methods. In addition, the attackers may be located in other jurisdictions,” police said.
According to the annual Chainalysis report, the total amount of illegally obtained crypto assets in 2022 reached a record $20.1 billion. At the same time, fraudsters’ income from ransomware decreased by 40% due to the reluctance of victims to pay ransom.
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Canadian police have warned residents of Calgary about an unprecedented increase in the number of cryptocurrency fraud cases in this Alberta city.
In total, Calgary residents lost more than $22.5 million in 2023 to scams involving cryptocurrencies, according to police reports. This prompted local law enforcement to issue a special warning:
“It is important for citizens to know that while cryptocurrency can be used legally, scammers continue to regularly lure their victims with the promise of a quick way to make money, allegedly through digital assets. We are committed to helping citizens identify signs of potential fraud and protect the interests of victims,” the Calgary Police Service Cyber Forensics Unit said in a statement.
The local police department has created a special blockchain investigation group that will deal with these types of crimes. The police clarified that in 2022, Calgary residents reported losses totaling $14 million as a result of 321 cases of fraud. At the end of nine months of 2023, the number of cases of fraud known to the police reached 340 cases, and losses exceeded $20 million.
Earlier, Canadian law enforcement agencies announced the start of cooperation with Chainalysis to track suspicious cryptocurrency transactions.
The Calgary Police Service's Cybercrime Unit has formed the CPS Blockchain Investigation Team (BIT) to investigate crimes involving crypto assets. According to police, last year local residents reported cryptocurrency-related losses totaling $13.9 million, and this year they have already lost $3.2 million.
According to Chainalysis, the country has seen a significant surge in the use of cryptocurrencies since 2019. In 2022, Canada ranked 22nd among countries in cryptocurrency adoption, while it ranked 26th and 24th in 2021 and 2020, respectively.
Therefore, the Calgary Police believes that the creation of the Investigation Center will help ensure the safety of citizens: law enforcement agencies will be able to alert the public to suspicious schemes, as well as improve their technical skills in investigating crimes.
“Investigating cybercrimes, including cryptocurrency fraud, is made more difficult by rapid advances in technology as criminals use sophisticated methods. In addition, the attackers may be located in other jurisdictions,” police said.
According to the annual Chainalysis report, the total amount of illegally obtained crypto assets in 2022 reached a record $20.1 billion. At the same time, fraudsters’ income from ransomware decreased by 40% due to the reluctance of victims to pay ransom.
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Canadian police have warned residents of Calgary about an unprecedented increase in the number of cryptocurrency fraud cases in this Alberta city.
In total, Calgary residents lost more than $22.5 million in 2023 to scams involving cryptocurrencies, according to police reports. This prompted local law enforcement to issue a special warning:
“It is important for citizens to know that while cryptocurrency can be used legally, scammers continue to regularly lure their victims with the promise of a quick way to make money, allegedly through digital assets. We are committed to helping citizens identify signs of potential fraud and protect the interests of victims,” the Calgary Police Service Cyber Forensics Unit said in a statement.
The local police department has created a special blockchain investigation group that will deal with these types of crimes. The police clarified that in 2022, Calgary residents reported losses totaling $14 million as a result of 321 cases of fraud. At the end of nine months of 2023, the number of cases of fraud known to the police reached 340 cases, and losses exceeded $20 million.
Earlier, Canadian law enforcement agencies announced the start of cooperation with Chainalysis to track suspicious cryptocurrency transactions.
