In a comprehensive survey titled ‘Tackling Crypto Crime‘ conducted by TRM Labs, encompassing the insights of over 300 U.S. and international law enforcement professionals, a notable revelation emerged. While 90% of respondents believe that their organizations currently provide cryptocurrency training, a staggering 99% express the urgent need for an increase in such educational initiatives.
Cryptocurrency Training on the Rise: Law Enforcement Faces Surging Demand
The survey, which predominantly featured responses from U.S. law enforcement (93% of the participants), drew insights from professionals working in federal agencies, as well as state, county, and local law enforcement entities. Notably, 40% of their recent investigations involved cryptocurrency, and respondents anticipate this figure to rise to 51% by the year 2027. Despite this anticipated surge in crypto-related cases, a significant majority of law enforcement professionals admit to feeling unprepared for the challenges this future landscape may pose.
Conducted by an external polling company during the period between October 18 and November 3, 2023, the survey targeted respondents with a minimum of one year of employment at their current law enforcement organization. Additionally, these individuals had investigated or overseen at least one criminal offense involving cryptocurrency in the past year.
Law Enforcement Grapples with Soaring Demand for Crypto Education
Data from TRM Labs indicates that, between January and November 2023, cybercriminals exploited vulnerabilities to steal around $1.7 billion worth of cryptocurrency. This amount, while significant, is on track to be less than half of the total stolen in the previous year.
One notable incident occurred in November when the HTX exchange and Ethereum bridge fell victim to an exploitation, resulting in the loss of approximately $87 million in crypto assets. This breach occurred just two weeks after the unauthorized withdrawals at the Poloniex crypto exchange. Highlighting the gravity of the situation, the Internal Revenue Service (IRS) included four cryptocurrency-related cases in its list of the top 10 cases for 2023.
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