Europol Trains Members on Cryptocurrency Crime at Conference
Last week, Europol hosted a conference at its headquarters in The Hague, focusing on cryptocurrency-related crime. Over 300 experts from both law enforcement and the private sector gathered to discuss best practices and partnerships to combat cybercrime associated with digital currencies.
New Cryptocurrency Tracing Game Developed
During the conference, Europol announced a new partnership with CENTRIC to develop a “cryptocurrency tracing game.” This game, set to launch in October, will be the first of its kind in law enforcement training, using gamification techniques to educate officers on cryptocurrency investigations.
The game will provide hands-on training and guidance for law enforcement officers on tracing cryptocurrencies in criminal investigations, offering a unique and interactive learning experience.
Decline in Illicit Cryptocurrency Mining
While consumer detections of cryptojacking have decreased significantly in Q1, attacks against businesses are on the rise. This shift is partly due to Coinhive’s decision to cease operations, impacting the landscape of illicit cryptocurrency mining.
However, attacks on cryptocurrency firms continue to pose a significant threat, with recent incidents resulting in substantial financial losses for virtual coin providers.
Expert Insights from Industry Leaders
Key industry players, including Binance, Bitstamp, Coinbase, and others, shared insights on implementing Know Your Customer (KYC) policies and risk-based approaches to detecting suspicious transactions. These best practices are essential for safeguarding against fraudulent activities in the cryptocurrency space.
Overall, the Europol conference served as a valuable platform for collaboration and knowledge-sharing among experts in the field, highlighting the ongoing efforts to combat cybercrime in the digital currency realm.