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

Marcel Pechman2 hours agoSBF and Caroline Ellison conspired to keep Bitcoin under $20K, but did it work?SBF, Caroline Ellision, Alameda and FTX may have conspired to keep Bitcoin price below $20,000, but is it actually p
Prime Minister Modi’s Twitter Account Hacked — Tweets Bitcoin Legal Tender in India, Government Giving Away BTC
Prime Minister Modi"s Twitter Account Hacked — Tweets Bitcoin Legal Tender in India, Government Giving Away BTC The Twitter account of Indian Prime Minister Narendra Modi was com
Amaka Nwaokocha13 hours agoNetflix eyes AI amid Hollywood strike, offers high-paying AI positionsThe positions come with six-figure salaries, ranging from $450,000 to $650,000 for the Technical Director role and $300,000
US Judge Dismisses Customer Lawsuit Against Crypto Exchange Coinbase
US Judge Dismisses Customer Lawsuit Against Crypto Exchange Coinbase A U.S. district judge has dismissed a lawsuit against Coinbase and its CEO Brian Armstrong filed by customers o
Sending Cash to Friends and Family Through Bitcoin ATMs Is Safer Than Crowding Bank Offices During Pandemic
Sending Cash to Friends and Family Through Bitcoin ATMs Is Safer Than Crowding Bank Offices During Pandemic Transferring money over traditional channels may involve a lot of queu
Plan B’s Stock-to-Flow Price Model Denounced by Vitalik Buterin, Says Model Can Be ‘Harmful’
Plan B"s Stock-to-Flow Price Model Denounced by Vitalik Buterin, Says Model Can Be "Harmful" For a few years now, the pseudonymous creator of the popular stock-to-flow (S2F) bitcoi
Martin Young4 hours agoCrypto exchange Binance among firms eyeing new stablecoins in JapanBinance and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are exploring the issuance of Japanese yen and other foreign curre
Bitcoin halving will lead to more sustainable BTC mining: Report
Zoltan Vardai13 hours agoBitcoin halving will lead to more sustainable BTC mining: ReportThe block reward halving’s impact on mining profitability could prompt Bitcoin miners to look for more sustainable energy sources
Data Shows the US Economy Was Collapsing 5 Months Before the Coronavirus Outbreak
Data Shows the US Economy Was Collapsing 5 Months Before the Coronavirus OutbreakDuring the last two months, the global economy has shuddered and a great number of people still attr
Tom Mitchelhill3 hours agoHow long could Sam Bankman-Fried go to jail for? Crypto lawyers weigh in“I think he’ll get the maximum sentence” — one lawyer predicts the former FTX CEO could look at life behind bars i
Telegram to get Mini App store by the end of July — Pavel Durov
Vince Quill7 hours agoTelegram to get Mini App store by the end of July — Pavel DurovAccording to the company, Telegram has over 900 million monthly active users and ranks among the top 10 most downloaded apps worldwid
Helen Partz12 hours agoPayPal UK to halt Bitcoin purchases until early 2024PayPal will temporarily halt crypto purchases in the United Kingdom starting from Oct. 1, 2023, expecting to reenable the service in early 2024.4