Crypto Training Demand Surges Among Law Enforcement – In the Tackling Crypto Crime survey by TRM Labs, involving 300+ U.S. and international law enforcement professionals, 90% claim their organizations provide crypto training, yet 99% advocate for an increase. Findings reveal that more than half of federal agencies utilize blockchain analytics tools, while only 11% of state agencies do.
As per the survey, 93% of participants hailed from U.S. law enforcement, primarily representing federal agencies, while the remainder came from state, county, and local agencies. 40% of their investigations centered around crypto, and they foresee this figure climbing to 51% by 2027. Despite the anticipated rise in crypto-related cases, a majority of law enforcement professionals express a sense of unpreparedness for this evolving landscape.
People Also Read: US Court Approves Settlement Against Binance, Firm to Pay $2.7B to CFTC
The survey, conducted by an external polling company from October 18 to November 3, 2023, enlisted respondents who had been employed at their current law enforcement organization for a minimum of one year. These participants had investigated or overseen at least one criminal offense involving cryptocurrency within the past year.
The survey indicates that more than half of federal agencies presently employ blockchain analytics tools, while just 11% of state agencies follow suit. About 61% of respondents mentioned a deficiency in advanced technology to effectively combat threats posed by crypto criminals.
Data from TRM Labs reveals that between January and November 2023, malicious actors pilfered approximately $1.7 billion worth of crypto through hacks. This pace is projected to be less than half the amount stolen in the previous year. In November, approximately $87 million in crypto assets were exploited through the compromise of the bridge linking the HTX exchange and Ethereum.
This incident occurred about two weeks following unauthorized withdrawals at the Poloniex crypto exchange. The Internal Revenue Service (IRS) highlighted four cryptocurrency-related cases in its compilation of the top 10 cases for 2023. Around 80% of survey participants view investing in blockchain analytics as either a “critical” or “high” priority.
Despite this, the TRM Labs report highlights that U.S. law enforcement hasn’t fully executed its plans to educate staff on crypto. More than half of respondents point to shortages in investigators, expertise, and funding as the primary hurdles for law enforcement to effectively combat crypto crime.