Europol Looks to Strengthen Crypto and Blockchain Knowledge

Published:

17/06/2019 13:00

EST. Journalist:


By CCN Markets: According to a recent press release, more than 300 private and public sector law enforcement officials and crypto experts gathered to help Europol understand the changing tides in money.

Cryptocurrency has presented unique opportunities to criminals, particularly in the online sector, whether you believe in its use cases or not. As a result, law enforcement has had to catch up with online criminals. They have learned the ways of the blockchain and spurred the growth of a cottage industry of firms that look at blockchain data and find useful information, such as where stolen funds end up.

As we’ve learned from one such firm, Elementus, which works more with private-sector operations than the government, often enough of the proceeds of thefts wind up on decentralized exchanges. How are regulators and law enforcement going to behave in a world where essentially, owning the keys to something gives you full control of it?

There’s no putting a stop order, shutting down the exchange, or canceling transactions. Gathering evidence requires traditional methods of police work that modern structures may have made unattractive.

Crypto and Security

The officials who gathered talked about a wide range of computer security topics, with bitcoin and crypto being just one. Among the issues explored were e-terrorist attacks in the form of DOS attacks, phishing scams, and the rest.

Officials were ingratiated in the use of several crypto exchanges and wallets, including LocalBitcoins, which recently removed online trading. The move has given rise to Roger Ver’s alternative platform, local.bitcoin.com, which still allows people to meet in person to sell and buy cryptocurrency. LocalBitcoins’ in-person trading was the source of several crypto busts in recent years. Presumably, that volume will switch over to alternatives like Bitcoin.com and Paxful.

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