It has been announced that the National Crime Agency (NCA), the UK’s national agency for combating digital organized crime, is planning to set up a specialized crypto and virtual asset team.
The report reveals a 32% increase in UK cryptocurrency crimes
A new report by the British police unit Action Fraud reveals that crypto-related crimes in the United Kingdom have increased by 32% in the last year. As reported on November 28, 2022, crypto crimes caused losses totaling £226 million between October 2021 and September 2022.
According to the United Kingdom (UK), Finance, crypto-related fraud has increased as part of a larger trend of cybercrime and fraud in the country, with cases estimated to have increased by 8% to $1.5 billion. According to forensic accountant Hinesh Shah from Pinsent Masons, in tough times, fraudsters always try to prey on less experienced investors by promising huge returns.” There has been an increase in crypto-related frauds in the United Kingdom in recent months, with the nation’s Metropolitan Police recently putting down an international cryptocurrency scam ring in what is being described as their largest fraud operation ever.
National crime agency is hiring crypto investigators now
A job posting for the position of “crypto investigator” has been released, looking for candidates with “strong experience” conducting forensic blockchain investigations into serious and organized crime, as well as providing “strategic and tactical advice” as part of such investigations.
A team of five officers will be formed to combat the growing problem of cryptocurrency fraud in the U.K. The establishment of a crypto-focused law enforcement team follows last year’s decision by the National Police Chiefs’ Council to appoint “cryptocurrencies tactical advisers” to police departments across the country, as well as a parliamentary vote in favor of expanding local authorities powers to seize crypto linked to criminal and terrorist activity. The investigator’s role will be to support these efforts by conducting in-depth investigations into the use of cryptocurrency and virtual assets in the context of illegal activities.