Crypto Scams: Interpol Forms Special Crime Unit For Fighting Cryptocurrency Crimes

International police organization Interpol formed a squad in Singapore dedicated to helping countries in fighting cryptocurrency crimes.

Interpol, the world's largest police organization with 194 member countries, created a specialized team to help countries combat crypto and crypto-related crimes. During the organization's 90th General Assembly in Delhi, Interpol Secretary-General Jürgen Stock mentioned at a press conference that in the absence of a legal framework, crypto assets like Bitcoin and Ethereum pose challenges to law enforcement agencies.

"Criminals are using cryptocurrencies to move money around the world, all the while keeping it hidden from enforcement agencies," Stock noted.

He also mentioned Interpol's initiative, set up in Singapore, will aid countries in crafting legal frameworks, while developing instruments to monitor and seize crypto assets.

For law enforcement agencies to be able to do these, they need to undergo training on how to fight digital assets and learn crypto-related trends, tactics, and many others, Stock added.

"Because very often, agencies are not properly trained and properly equipped to address cryptocurrency crimes in the beginning," the Secretary-General said as quoted by Business Standard.

Moreover, Stock shared cryptocurrency and cybercrime are the major focus of this year's general assembly of the organization.

"Combined with the estimates of the global cost of cybercrime, expected to reach $10.5 trillion by 2025, it brings us to the basics of policing – follow the money," Interpol's secretary-general shared.

India's Central Bureau of Investigations (CBI) special director Praveen Sinha said that monitoring cybercrime has grown to be difficult. He also underlined Interpol's role in developing better police cooperation at a global scale.

"The only answer is international cooperation, coordination, trust, and real-time sharing of information," Sinha noted.

Interpol's latest announcement came on the heels of reports that Terraform Labs co-founder and CEO Do Kwon was on the organization's red notice list.

When asked about Interpol's refusal to issue red notice on some high-profile individuals, Stock said, "While we understand that the decision to not publish a red corner notice (RCN) may not be welcomed by a member country, a part of the power of such a notice is in the trust of our membership that we implement the same rules when assessing any request from every country."