The Canadian police are now reportedly using sophisticated software to trace crimes relating to crypto and identify suspects. In a recent development, Canadian law enforcement now has the ability to track blockchain transactions and discover where the funds have been moved to.
According to reports from the Lethbridge Herald newspaper, the London Police Service (LPS) is now using a special software program called Chainalysis Reactor to investigate crypto crimes.
The Chainalysis Reactor software has the ability to track cryptocurrencies from the point of transfer up until it has been deposited in a cryptocurrency exchange. Following the trace, the police can request the account holder’s information from the crypto exchange as well as transaction data to determine if the cryptocurrency was transferred beyond the exchange.
“Once the trace identifies the exchange, police can seek judicial authorization to obtain the account holder’s information and transaction data to see where the cryptocurrency was sent beyond the exchange,” LPS said.
Advertisement
One of the LPS sergeants, Kevin Talbot – trained as a blockchain analysis investigator said that even though the police would like to prosecute the perpetrators, the ultimate goal is to retrieve the funds and return them to the victims.
Related Reading: Coinbase Report Shows That 19% of New York Residents Own Cryptocurrency
Canadian police making headway in crypto cyber crimes
Before the implementation of the new software, Canadian police used to “run into a roadblock” once they discover a crypto-related fraud. However, with the introduction of new technology, it is now able to not only trace transactions but also identify the suspects and transaction history.
“We’ll get to the point where we have a transaction data but we’re unable to trace it because it requires special programming to do these things and training. In Canada, we’re making headway using Chainanalysis,” Talbot said
Meanwhile, in April 2023, the Calgary police started a partnership with Chainalysis after the blockchain company revealed the opening of the Western Canada Cryptocurrency Investigations Centre.
According to the announcement, the center will make it possible for law enforcement to solve blockchain technology-related crimes. The partnership will bring together law enforcement agencies across Western Canada and equip them with Chainalysis’ data and tools required to fight blockchain-related crimes.
Advertisement
Special Offer (SPONSORED)
Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).
"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.
Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.