Chainalysis and Calgary police launch cryptocurrency investigation center

A associated task unit featuring investigators from the Calgary constabulary section and investigation from blockchain information steadfast Chainalysis, dubbed the Western Canada Cryptocurrency Investigations Centre, was officially launched connected April 12. 

In a blog station announcing the partnership, Chainalysis cofounder and main strategy serviceman Jonathan Levin remarked that “this objection of public-private concern to lick caller issues successful fiscal services is simply a exemplary that the remainder of the satellite tin larn from.”

Together with @CalgaryPolice, contiguous we’re launching the Western Canada Cryptocurrency Investigations Centre, a concern that volition alteration instrumentality enforcement enactment to support Canadians and physique spot successful integer assets.https://t.co/exGywqwW6B

The caller halfway volition grow connected existent efforts to code expanding cryptocurrency-related transgression successful occidental Canada.

According to Chainalysis, Canada has seen a monolithic uptick successful cryptocurrency adoption rates. Per the company’s blog post, “when we look astatine Canadian engagement with crypto ATMs, decentralized exchanges, and centralized exchanges, we spot that Canada has experienced a astir 213% summation since 2019 arsenic of Jan 2023, with a highest level of adoption astir 865% greater than March 2019 successful May of 2021, driven mostly by involvement successful DeFi.”

Related: Canada crypto regulation: Bitcoin ETFs, strict licensing and a integer dollar

This accelerated growth, however, has been accompanied by an summation successful crime. Chainalysis reports that much than $41 cardinal successful funds were mislaid to cryptocurrency scams successful Canada successful 2022 alone. It besides notes that “for each 1,000 Canadians, determination was astatine slightest $1,144 CAD successful full vulnerability to illicit crypto activity” successful the aforesaid period.

The Calgary constabulary section plans to instrumentality the private-sector expertise from Chainalysis to augment their researcher grooming programs and, per the blog post, to supply officers with “around-the-clock lawsuit support.”

The adjacent steps, according to Chainalysis, impact expanding the programme to service much instrumentality enforcement agencies successful occidental Canada. The institution intends to yet “scale this conception globally, moving with instrumentality enforcement unit astir the satellite to connection bespoke, customized offerings depending connected the unsocial needs of the portion astatine hand.”