NATIONWIDE

Whilemost of the cryptocurrency market has plunged following the collapse of the FTX exchange, one digital asset is surging 43% to its highest level in six months As a result of upcoming changes to mining rewards and the issuance of new coins, Litecoin (LTC-USD) jumped 43% in November from $55 to $78 14 In essence, new Litecoins will be created at a slower rate, lowering the supply of new coins, which usually encourages price appreciation

An official with the U K National Police Chiefs' Council (NPCC) has deployed crypto tactical advisers to investigate and secure digital assets associated with crimes

At a hearing on Tuesday for the new Economic Crime and Corporate Transparency bill, Andrew Gould, staff officer for NPCC's cryptocurrency portfolio, said that "all forces and regional organized crime units have officers trained and equipped to do that "

After the previous halvings in August 2015 and August 2019, the price of Litecoin rose against the majority of the market Digital assets have climbed since May this year to their highest point Although the bear market that started in April 2021 has not crossed above the trendline, the price has not risen above it On the eve of Terra's UST/Luna stablecoin's cataclysmic crash, Litecoin's all-time high of $381 was reached on 10 May 2021

What is Litecoin?

The first Litecoin block was mined in 2011, and miners received 50 Litecoins for completing it� Roughly every four years, the reward, also called a "subsidy," is halved. During the third halving in 2023, the LTC subsidy will be cut from 12 5 to 6 25 agencies have already increased their efforts to target criminals who use crypto for money laundering or terrorism financing According to Gould, "the government's additional 100 million pounds sterling helped the NPCC strengthen its crypto capabilities " Reports indicated that in 2018, police chiefs lobbied the government for funding to train and equip 250 crypto tactical advisors

Law enforcement will be able to freeze crypto assets associated with criminal activity if the British government passes the bill Yet police

According to Gould, the U seized cryptocurrency assets worth hundreds of millions of pounds within the past year or so police force has procured

Cryptocurrencies are thousands strong, but many still need unique use cases or tokenomics that make them stand out Over the past decade, Litecoin has become known as the silver to Bitcoin's gold A proof of stake consensus algorithm validates it as a digital asset similar to bitcoin Bitcoin will always have a maximum supply of 21 million coins, while Litecoin has 84 million coins in its finite supply a number of investigative tools and a capacity for storing seized crypto," he explained� Police seized cryptocurrencies from Komainu during investigations in January to provide them with a more "robust" means of storing them� Despite this, Gould still believes crypto is too costly for the NPCC to keep up�

Our officers are struggling in the face of the growing complexity of crypto assets," Gould said, adding that their tools can't handle everyone An investigation is best conducted by using more than one tool Gould said, "That's very expensive ”

Litecoin has a much lower value than bitcoin and can be mined using a computer� When mining a block of the Litecoin blockchain, Litecoin miners receive dogecoins When a processor mines Litecoin, it merge mines Dogecoin as well In 2011, software developer Charlie Lee created the cryptocurrency Prior to 2017, Lee was the Director of Engineering at Coinbase

Furthermore, Gould explained that the police have difficulty retaining staff while competing with the hard-to-turndown salaries offered by the private sector� "One of my sergeants just got offered 200,000 pounds to move to the private sector We can't compete with that at the moment� That's probably the biggest risk we face in this area," Gould said The NPCC has not responded to a request for comment at present time Some police officers in the U�K� earn salaries ranging from anywhere between 28,000 to 100,000 pounds a year

As with many other cryptoprojects, Litecoin had a fair launch in 2011, and Lee was not reported to have given himself a pre-launch share In the beginning, Lee mined Litecoin, but now he says he has sold everything he has An organization called the Litecoin Foundation has its headquarters in Singapore and the stated purpose of "advancing Litecoin for the benefit of humanity. Approximately eight main mining pools contribute to its decentralized mining distribution, which is not controlled by any central authority."

—Crypto Weekly

—Crypto Weekly