Chainalysis experts are confident that 74% of government agencies lack the training and material bas
A survey of government agencies conducted by blockchain analytics firm Chainalysis highlights the need for better tools, training, and support for cryptocurrency-related investigations.
The blockchain data platform explored this topic in detail in its review of the state of cryptocurrency investigations for 2022, with 74% of respondents indicating that their agencies are not equipped enough to investigate crimes related to cryptocurrency.
Chainalysis interviewed about 300 respondents from 183 public sector agencies in the United States and Canada to find problems and successes in this sector
The overwhelming number of respondents indicated that cryptocurrencies are relevant to their investigations and that their respective agencies would do well to invest more resources.
Despite the fact that cryptocurrency is central to some investigations, the majority of respondents agreed that this space can have a positive impact on the financial system, and did not agree with the assumption that only criminals use cryptocurrencies
Chainalysis noted that the growth of legal use of cryptocurrencies far exceeds the growth of criminal use. Nevertheless, the percentage of illegal use is quite significant in dollar terms, so the public sector should be ready to investigate related crimes.
Respondents also suggested that their agencies have investigators or analysts specializing in investigations related to cryptocurrency. The survey also showed that many agencies do not use specialized analytical tools for blockchain, and 74% of respondents believe that their agency is not sufficiently prepared to investigate crimes related to cryptocurrency.
Referring to the recent transition from centralized services to decentralized finance (DeFi) protocols, which are more complex and difficult to research, Chainalysis called this a serious problem, given the ever-changing industry,:
"If agencies do not gain experience in investigating crypto crimes, the lack of knowledge will only grow, which will lead to them falling further behind criminals who regularly use cryptocurrency."
The survey showed that more than half of the 300 respondents face more than ten incidents related to cryptocurrency per year, and almost 40% have faced more than 20 incidents. Fraud, scams, drugs, cybercrime and ransomware were the most frequently investigated crimes related to cryptography.
Chainalysis emphasized the need for reliable data based on reliable blockchain analysis tools that provide simple and valuable data visualization. Another issue raised by respondents was training in cryptocurrency and blockchain analysis, and partnership with the private sector could provide these tools and resources.
https://coin-signal.com/cryptonews/chainalysis-experts-are-confident-that-74-of-government-agencies-lack-the-training-and-material-base-to-investigate-crypto-crimes/
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