New unit to catch crypto criminals

THE United Kingdom’s National Crime Agency (NC A) is creating a new depar tment to combat the illegal use of vir tual currencies

The NC A’s job listing revealed that the criminal agency is looking to fill up the new openings with applicants knowledgeable in cybercrimes and the workings of vir tual currencies.

According to the listing, successful applicants will “form a specialized cr yptocurrency and vir tual assets team” that will spearhead all investigations.

Individuals applying for the role should possess blockchain technolog y training and sufficient experience recovering seed phrases.

Other skills necessar y for the new “ cr ypto cell” include above-average analytical skills, tracing skills using blockchain, and strong communication skills.

“Cr yptocurrency and vir tual assets are widely viewed as specialist areas of knowledge , and this role is key to suppor ting NC A investigations in which these are used to enable serious criminality,” said NC A director Chris Lewis-Evans

Creating a new vir tual currency unit is coming on the heels of a massive spike in incidences of digital asset fraud In 2022, bad actors netted profits exceeding $3 billion, with Ponzi schemes, malware attacks, and romance scams topping the char ts

The Financial Conduct Authority confirmed that in the last 12 months, vir tual currencies were responsible for the highest number of scam complaints, with the regulator actively investigating nearly 500 cases

Law enforcement agencies in the U K have identified the growing threat of digital assets and are taking necessar y measures to stifle their growth

In October, the Deputy Chief of the U K ’ s National Police Chiefs Council (NPCC), Andrew Gould, disclosed that all the police forces in the countr y have received training on seizures and investigations relating to vir tual currencies

“We have nationally procured the investigative tools to enable them to progress the investigations, and we have a national storage platform to store that once we have seized it,” said Gould.

The U.K. government is mulling over a bill in both houses of parliament that would allow law enforcement to “seize , freeze , and recover cr yptoassets” to prevent money laundering and terrorism financing.