Interpol to Tackle Crypto Crimes with New Dedicated Division

Interpol’s Next Move: Bringing Crypto Crimes to Justice

The cat-and-mouse game between law enforcement and crypto criminals is getting a high-stakes upgrade. The International Criminal Police Organization, or Interpol, has announced its plan to beef up operations against cryptocurrency-related crimes by forming a specialized enforcement division headquartered in Singapore. This squad aims to support governments worldwide in cracking down on illicit activities involving digital assets.

The Growing Challenge of Crypto Crimes

Interpol Secretary General Jürgen Stock has identified a significant hurdle facing law enforcement agencies: the lack of a unified legal framework for cryptocurrencies like Bitcoin (BTC) and Ether (ETH). Stock noted that many agencies are often “not properly trained and properly equipped” to tackle cryptocurrency crimes effectively. With the formation of this new division, Interpol hopes to align global efforts to counter these challenges head-on.

A Global Necesity: Cooperation & Coordination

As cybercrime becomes more convoluted, global cooperation is paramount. Praveen Sinha from India’s Central Bureau of Investigations underscored the need for “international cooperation, coordination, trust, and real-time sharing of information” to tackle these sophisticated crimes effectively. Such collaboration could fortify global defenses against the crypto crimes threatening economies and digital safety worldwide.

In Pursuit: The Case of Do Kwon

Just weeks before this announcement, Interpol released a “red notice” for the apprehension of Terraform Labs co-founder Do Kwon, following the collapse of the Terra ecosystem. Such high-profile cases underline the complexities and urgent need for law enforcement to adapt to the digital age.

Continuous Efforts for Enhanced Expertise

Interpol isn’t new to the crypto crime scene. Since at least 2015, it has been sharpening its skills regarding cryptocurrency transactions. Whether through collaborations with Trend Micro to curb cryptojacking in Asia or teaming up with South Korean startup S2W Lab to analyze dark web activities, Interpol’s efforts are a testament to its commitment to innovating crime-fighting strategies.

With these expanded efforts, Interpol is strategically positioning itself as a pivotal player in the global effort to counteract digital crime, providing a much-needed layer of international security to the rapidly evolving world of cryptocurrencies.