Fun

APAC crypto crime spikes amid legal resource shortages: Chainalysis report

News Feed - 2024-06-20 10:06:00

Josh O"Sullivan1 hour agoAPAC crypto crime spikes amid legal resource shortages: Chainalysis reportAPAC’s struggle with increasing crypto crime is exacerbated by a shortage of legal resources and inadequate training for law enforcement.316 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAccording to the “2024 State of Cryptocurrency Investigations Report” from Chainalysis, the Asia-Pacific (APAC) region is experiencing a perceived substantial rise in crypto-related crime.


The spike in illicit activity coincides with a speculative shortage in legal resources, impacting the region’s ability to actively address and manage the threat of crypto crime.“Respondents expect cryptocurrency to be involved with more cases across a wider variety of criminal activities over the next five years.”Pie chart showing respondent public sector agency. Source: Chainalysis


Speaking with Cointelegraph, Hayato Shigekawa, principal solutions architect at Chainalysis, explained that:“The public sector’s recognition of crypto as an asset class continues to grow, and as we’ve seen in this survey, many believe in its potential to transform finance. However, as cryptocurrency becomes mainstream, it is also becoming a channel for all sorts of crime, not just crypto crime.” 


Related:Fake federal employees target crypto investors, CISA warnsLegal resource challenges


According to the report, law enforcement agencies in APAC are struggling to tackle the rise in crypto-related crimes, including drug trafficking, cybercrime and intellectual property crime.


Despite the growing importance of crypto crime investigations, many agencies reported a lack of satisfaction with the current legal resources available. “Overall, more than half of all respondents said they were either extremely dissatisfied or somewhat dissatisfied with their agency’s staffing resources available for crypto investigation.”Chart depicting the type of crimes involving crypto reported by respondents. Source: Chainalysis


On the topic of legal limitations in the APAC region, Shigekawa told Cointelegraph that:“In Japan, there are some legal limitations in digital asset forfeiture, whereas in Singapore, digital assets, including cryptocurrencies, can be seized. That said, equally important to such legal frameworks are the advanced solutions to support onchain investigations and comprehensive training programs.”


Related:Nigerian High Court dismisses Binance exec’s suit over detentionAPAC negative perceptions


APAC survey respondents tended toward negative perceptions of crypto compared to other regions.“67.7% of APAC respondents strongly or slightly agreed that cryptocurrency is mainly used by criminals and malicious actors.”Infographic on the respondents reported perception of cryptocurrency. Source: Chainalysis


The stark difference in outlook becomes more apparent when contrasted with more optimistic perceptions reported in regions like Latin America and Europe, the Middle East and Africa. 


Related:AI-driven crypto crime is only just beginning — Elliptic reportTraining and educational needs


Given the strong negative perception of crypto in APAC, the report reveals a pressing need for better education on the complexity of cryptocurrencies.Infographic depicting respondent reported understanding of cryptocurrency. Source: Chainalysis


Due to the low rate of satisfaction with staffing and the technical capabilities of limited legal resources, the report highlights a need for technical resources, as emphasized by Shigekawa:“The data indicates a clear need for enhanced technical resources in many regions, particularly in Latin America and APAC. Investing in advanced technology is essential to address the gaps respondents indicate are impacting their ability to be effective.”


The report also highlighted the need for increased access to educational resources, as almost half of the respondents described themselves as “not very knowledgeable about the asset class.”


Magazine:Polkadot’s Indy 500 driver Conor Daly: ‘My dad holds DOT, how mad is that?’# Blockchain# Crimes# RegulationAdd reaction

News Feed

US Treasury strategy would tighten virtual asset regulations, increase AI use
Derek Andersen5 hours agoUS Treasury strategy would tighten virtual asset regulations, increase AI useThe Treasury’s fight against illicit finance will focus on better regulations, greater enforcement and AI.690 Total
Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo’s ASIC Fleet in Texas
Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo"s ASIC Fleet in Texas After the publicly-listed bitcoin mining firm Argo
Xbox Boss Phil Spencer Addresses Rise of NFT Gaming; Feels Some of It Is “Exploitive”
Xbox Boss Phil Spencer Addresses Rise of NFT Gaming; Feels Some of It Is "Exploitive" Phil Spencer, executive vice president of gaming at Microsoft and the individual responsible f
Marcel Pechman39 minutes agoBitcoin blasts past its 2021 all-time high in Argentina, but hyperinflation outpaces gainsBitcoin’s 150% gains over the last two years in Argentine pesos is no match for the country’s 300%
Turner Wright4 hours agoFormer FTX exec Ryan Salame and US prosecutors are discussing a plea deal: ReportIt’s unclear whether any reported guilty plea from Ryan Salame would have the former FTX Digital Markets co-CEO t
Bitmex Co-Founder Arthur Hayes Says Bitcoin Could Drop to $30K Amid a Stock Market Rout
Bitmex Co-Founder Arthur Hayes Says Bitcoin Could Drop to $30K Amid a Stock Market Rout The co-founder and former CEO of Bitmex, Arthur Hayes, has published a new blog post concern
PODCAST: Caitlin Long on Bitcoin as Insurance Against Financial Collapse
“To me, it’s an insurance against instability in the mainstream financial industry,” said Caitlin Long, one of the most experienced Wall Street professionals to defect to the crypto space.
Elon Musk Tempts McDonald’s to Accept Dogecoin — McDonald’s Replies ‘Only if Tesla Accepts Grimacecoin’
Elon Musk Tempts McDonald"s to Accept Dogecoin — McDonald"s Replies "Only if Tesla Accepts Grimacecoin" Tesla CEO Elon Musk says that he will eat a happy meal on television if Mc
Ana Paula Pereira4 hours agoMeta introduces AI models for video generation, image editingSocial media company Meta is developing new artificial intelligence-based tools for Facebook and Instagram users.2656 Total views19
Derek Andersen3 hours agoCanadian regulator seeks feedback on crypto asset exposure disclosure requirementsThe Canadian Office of the Superintendent of Financial Institutions is following a Basel model for its disclosure
Savannah Fortis13 hours agoCrypto community responds to Kraken lawsuit, Deaton slams ‘dishonorable’ GenslerThe crypto community, including prominent industry lawyers and U.S. Senator Cynthia Lummis, is sounding off a
New DeFi protocol Nudge aims to unlock hidden value in users’ wallets
Alex O’Donnell11 hours agoNew DeFi protocol Nudge aims to unlock hidden value in users’ walletsNudge seeks to unleash a new DeFi primitive called Re: allocation Value.661 Total views8 Total sharesListen to article 0: