Canadian police launch cryptocurrency investigations center
The police service of the Canadian city of Calgary is launching a Cryptocurrency Investigations Centre in partnership with blockchain analytics firm, Chainalysis to help combat crypto crime.
By Anna B Kiwanuka
The police service of Calgary, the largest city in the western Canadian province of Alberta and the largest metro area within the three Prairie Provinces region, announced recently that it is creating a Cryptocurrency Investigations Centre.
The announcement stated, “The Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto-crime.”
The police further stated, “The creation and implementation of the Western Canada Cryptocurrency Investigations Centre will strengthen our ability to ensure the public safety of citizens, allow for proactive policing, enhance technical investigative skills, and provide expert training resources for law enforcement.”
According to the announcement, Calgarians reported losses totaling $13.9 million due to cryptocurrency-related crimes to the police last year, and an additional $3.2 million has been reported so far this year.
“Cybercrimes, particularly cryptocurrency scams, can be difficult for law enforcement to fully investigate due to a variety of complex factors, including various international locations and jurisdictions, sophisticated criminal techniques and quickly advancing technology,” the police explained.
Furthermore, the Canadian Police announced, “Together, with Chainalysis, the Calgary Police Service Cyber Forensics Unit has created the CPS Blockchain Investigation Team (BIT), dedicated to supporting cryptocurrency and blockchain-related investigations.”
According to Chainalysis, the new center is an innovative regional center that will enable law enforcement to tackle crime that takes place using blockchain technology.
The blockchain firm’s research indicates that there has been a significant surge in the usage and adoption of cryptocurrencies and digital assets in Canada since 2019. In 2022, Canada ranked 22nd on the firm’s Global Crypto Adoption Index, which is an improvement from 26th in 2021 and 24th in 2020.