Bitrace, a company specializing in blockchain data analysis, has offered on-the-job training in blockchain fund tracking to the officers of the Hong Kong Police Force. This initiative, undertaken through Bitrace’s Corporate Social Responsibility program, aims to enhance the police force’s knowledge about blockchain technology. With Hong Kong emerging as a significant player in the crypto economy, this understanding becomes increasingly important for effective law enforcement.
A local news outlet reports that the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB) received training.
Web3 Companies and Authorities Jointly Fight Crypto Crimes
As Hong Kong’s significance in the cryptocurrency world grows, Bitrace CEO Isabel emphasizes the importance of enhancing partnerships between Web3 firms and regulatory bodies. She explains that this initiative aims to empower law enforcement personnel with the essential tools and expertise needed to successfully investigate crypto-related crimes.
Isabel provided an in-depth explanation of how crypto-assets are used in cybercrime. She pointed out some difficulties, such as regulatory bodies struggling to keep up with crypto-criminals’ innovative methods. Additionally, many investigators may not be aware that deciphering encrypted crypto crimes often involves multiple layers. Furthermore, collaboration among involved parties is typically inefficient.
The Bitrace CEO emphasized the importance of safeguarding users’ funds and creating a more secure and thriving Web3 space by enhancing collaborations with regulatory bodies. During capacity-building workshops, attendees explored different facets of crypto criminal activities, including online gambling, unlawful asset trading, money laundering, and fraud. Last year, Anatoly Legkodymov, the previous CEO of Bitzlato, admitted to aiding in the laundering of approximately $700 million worth of illicit funds.
With the help of BitracePro, Bitrace’s skilled team showed us how cryptocurrencies are used and transferred in illicit activities. Analyzing real-world scenarios offered valuable perspectives on the techniques employed in encryption crimes and the route of tainted funds within the blockchain network.
Bitrace Capabilities Beyond Hong Kong Police Training
In addition to the training program, Bitrace held talks with both the Commercial Crimes Bureau and the Cyber Crime Bureau. The goal is to strengthen partnerships between law enforcement agencies and Web3 businesses.
Before the training took place, regulatory bodies made efforts to ensure a safe environment. For example, the Securities and Futures Commission (SFC) in Hong Kong recently warned users about potential crypto fraud involving HKCEXP to shield them from scams.
Bitrace, according to experts, offers an ideal solution for enhancing the capabilities of Hong Kong’s police force due to its sophisticated analytics features, including machine learning and pattern recognition techniques. Additionally, it has amassed a comprehensive database, which encompasses various entity tags such as DeFi platforms, mining pools, and digital asset exchanges. This library also incorporates risk behavior tags like fraud, money laundering, and unlawful online gambling.
With the use of this technology, regulatory bodies can quickly flag and investigate questionable crypto transaction addresses to minimize risks. The partnership between involved parties aims to tackle issues surrounding crypto crime. This becomes increasingly important as Hong Kong SFC considers approving Bitcoin Spot ETFs in the area, which could happen soon.
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2024-04-11 18:03