Interpol beefs up crypto crime-fighting

The organization is establishing a Singaporean team that will focus on crimes involving virtual assets.

The International Criminal Police Organization (Interpol) is expected to continue with its efforts to crack down on cryptocurrency-related crimes.

The Business Standard, an Indian news agency, reported earlier this week that Interpol may be looking to strengthen the division that deals with digital crime.

In fact, the organization already announced it is establishing a special team in Singapore that will help it tackle various crimes that involve virtual assets, of which there have been many, from hacks of private exchanges to ransomware being used against governmental institutions and crucial infrastructure.

Interpol secretary-general Jürgen Stock said that the absence of clear laws that regulate Bitcoin and Ethereum has made it very difficult for agencies such as Interpol to act.

Nevertheless, Interpol is beginning to take notice and is determined to ensure that it is addressing the problem at its core.

According to Praveen Sinha, the special director for India’s Central Bureau of Investigations, the only way to adequately address the mounting threat of cybercrime related to virtual assets is to enact stronger international cooperation.

Interpol is already involved with various cryptocurrency crimes. The agency issued a “red notice” for the founder of Terraform Labs, Do Kwon, who insists that he is not on the run and that the collapse of the Terra USD token was the result of market conditions and no underhand activities.

Interpol has a good track record of having partnered with various private sector and law enforcement entities around the globe in a bid to strengthen its own understanding of the increasingly sophisticated cybercrime that take place online.

In June, the agency led an international effort resulting in the arrest of thousands of people linked to various crypto crimes.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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