CALGARY — Police in Alberta's largest city are turning to a global blockchain data platform to help combat cryptocurrency crimes.
Calgary police announced Wednesday they have entered into a partnership with Chainalysis, a U.S.-based company that provides data, software and research services to government agencies, financial institutions, cybersecurity companies and now law enforcement organizations.
It is to result in the creation of the Western Canada Cryptocurrency Investigations Centre, which is to serve as a hub for police to learn about emerging cryptocurrency and cybercrime trends.
Calgary police said they have also created new a unit dedicated to cryptocurrency and blockchain-related investigations.
"Cyber is quickly becoming a component of criminal activity, and often requires collaboration between law enforcement and other expert industries," said Calgary police Chief Mark Neufeld.
"We are thrilled to be part of an innovative partnership with Chainalysis where cybersecurity expertise is shared amongst the Calgary Police Service and private enterprise."
Calgary police received reports of $13.9 million in losses to cryptocurrency-related crimes last year and an additional $3.2 million so far this year.
But cybercrimes, particularly cryptocurrency scams, can be difficult for police to fully investigate due to several factors, such as various international locations and jurisdictions, sophisticated criminal techniques and quickly advancing technology, the force said.
This report by The Canadian Press was first published April 12, 2023.
The Canadian Press
