• The UK National Crime Agency has established a crypto crimes cell to investigate unethical practices in the industry.
• The UK has experienced a total of $3 billion lost to crypto hacks and scams in the past year.
• The team of officials selected for this position will work to provide strategic and tactical advice on how to combat crypto crimes.
The United Kingdom’s National Crime Agency (NCA) is taking proactive steps to combat the ever-increasing number of crypto crimes within its borders. The agency has announced the formation of a crypto crime cell that will be dedicated to investigating the unethical and criminal activities that have been plaguing the country.
This decision comes after the UK experienced a total of $3 billion lost to crypto hacks and scams in the past year. The Financial Conduct Authority (FCA) investigated and found that this industry has been a major sector that has been contributing heavily to financial scams. Most of these scams happened between March 2021 and April 2022, with 432 cases reported during this period.
This new crypto crime cell will be tasked with identifying, preventing, and investigating any crypto-related crime that has occurred or could potentially occur in the UK. The team of officials selected for this position will be required to provide strategic and tactical advice on how to combat crypto crimes. This advice will be used to inform the NCA’s policy decisions and to ensure that their solutions are up-to-date with the latest trends in the industry.
The NCA has also made sure to ensure that their team has the necessary tools and capabilities to target UK-based subjects. This includes the use of advanced technology and data analytics to monitor and identify suspicious activities, as well as the use of traditional investigative techniques.
The establishment of a crypto crime cell is a major step forward in the fight against crypto crimes in the UK. The NCA’s proactive approach is expected to help reduce the number of cases of crypto-related frauds and scams in the country. It also serves as a reminder to those in the industry that the government is serious about tackling the growing problem.