An alliance against cyberattacks on the blockchain: Chainalysis and Calgary join forces

The fight against cybercrime has never been so thrilling! Blockchain data expert Chainalysis is teaming up with Calgary police to create a crypto investigation center in western Canada. This unprecedented partnership will make it possible to track down criminals using blockchain technology to commit their crimes.

Chainalysis Partners with Calgary Police to Hunt Down Blockchain Crime

The crypto sector has often been the target of many cyberattacks in recent years. Indeed, in 2022 alone, there were at least 168 cases of frauds and hacks. Stealing $3.95 billion from Web 3.0.

To combat this growing crime, Chainalysis has announcement in a blog post published on Wednesday a partnership with the Calgary Police. Together, they will create a blockchain technology investigation center.

The task force consists of Calgary law enforcement investigators, expert investigators, and staff from Chainalysis in Western Canada, all equipped with blockchain analysis tools.

The creation of this center will therefore make it possible to better fight against cybercrime on this new technology. This initiative could thus considerably increase citizens’ trust in digital assets.

Jonathan Levin, co-founder and Chief Strategy Officer of Chainalysis, emphasized that this partnership should serve as a model for the rest of the world. Indeed, the Calgary police plan to implement the expertise of Chainalysis in the training of their investigators to improve the effectiveness of their programs.

Canada: an Eldorado for cryptos and cybercrime

The Western Canada Cryptocurrency Investigations Center was officially launched this Wednesday, April 12. It will help limit the expansion of crypto crime in Canada, as the country has seen a significant uptick in the rate of crypto adoption, according to Chainalysis.

Indeed, Canada has seen remarkable growth in crypto adoption, with an increase of almost 213% since 2019 in January 2023. However, this adoption has been accompanied by a massive increase in crime. In 2022, Canada experienced a crypto crime related loss of over $41 million in funds.

Chainalysis added that “ per 1,000 Canadians, there was at least CAD $1,144 in total exposure to illicit cryptoactivity during the same year. The next steps will be dedicated to expanding the program to serve a significant number of law enforcement organizations in Western Canada and globally.

The collaboration between Canadian law enforcement and Chainalysis sends a strong message to other law enforcement agencies around the world. By working together, they demonstrate that fighting crime on blockchain technology requires working with crypto companies rather than trying to stifle them.

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