Ethereum

Bitcoin

Reactor

Read

<div class="cryptonews"> 
 <p class="is-style-lead">The Lethbridge Police Service (LPS) in Canada is incorporating technology to combat crypto scams and assist victims in retrieving funds. By deploying Chainalysis Reactor, law enforcement aims to trace crypto transactions and recover stolen funds. The software can identify and categorize millions of addresses, including those of illegal and legitimate services.&nbsp;</p> 
 <p>Police will&nbsp;rely&nbsp;on a certified blockchain analysis investigator from the Economic Crimes Unit. </p> 
 <p>Chainalysis Reactor software allows for the meticulous tracing of crypto transactions, taking advantage of the transparent nature of public blockchains like Ethereum or Bitcoin from which most of these stolen tokens are deployed.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Deloitte, Chainalysis partner to ‘address’ crypto compliance challenges 
 </div> 
 <p>To investigate cases, relevant data will have to be inputted. The program will then systematically trace the journey of funds from victims’ wallets to exchanges. Once the exchange is identified, investigators will obtain judicial authorization to access account holder details, transaction histories, and outgoing transfers.</p> 
 <p>Even so, while apprehending and prosecuting wrongdoers remains a priority, the main goal is to help victims of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> get their money back. </p> 
 <p>Police will turn to blockchain <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> to track transactions and find where stolen coins are kept.</p> 
 <p>In 2022, Canadians lost over $300 million due to investment fraud. </p> 
 <p>The surge can be attributed in part to crypto-related scams, wherein enticing advertisements attract unsuspecting investors and then ensnared in fraudulent schemes.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Canadian crypto hacker Soup allegedly stole over $1m in scams 
 </div> 
 <p>Crypto scams often involve scammers pretending to be legitimate investment firms, promising significant returns on investments. Fraudsters gain the trust of potential investors and help them with the investment process. </p> 
 <p>However, once investments are made, they manipulate victims into transferring <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> to specific wallet addresses before severing communication and disappearing.</p> 
 <p>In May, Binance, one of the world’s largest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges, exited Canada days after the introduction of new guidelines for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges. Some of them included constraints on investors and obligatory registrations.</p> 
 <p>Binance, reports indicate, opposed some of these regulatory directives and exited. Even so, the exchange said it would collaborate with Canadian regulators to establish a comprehensive crypto framework.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance pulls out of Canada, cites incompatibility with local market conditions 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Canadian police deploy Chainalysis Reactor to combat crypto scams

TheBitTimes

Alte articole publicate pe 5 aug. 2023

Coinbase CEO Affirms Commitment to Staying in the US Amid Regulatory Uncertainty

Shiba Inu Developer Raises Concerns Over Coinbase’s Onchain Summer Campaign

Judge Throws Out Class Action Suit Against Bitfinex And Tether

Shiba Inu’s Addition To Binance’s Collateral List Sparks BONE Listing Hopes

Will Snoop Dogg Succeed in Developing a Crypto Kingdom?

Bitget Report: 44% of Gen Z Users Engage in Copy-Trading

Join our free newsletter for daily crypto updates!