Blockchain tracking and cryptocurrency recovery services like those offered by CNC Intelligence Inc. work hand-in-hand with law enforcement world-over to assist in busting crypto crime and recovering stolen assets. In this article we cover the police support and law enforcement assistance services CNC Intelligence offers.
The need to police cryptocurrency has emerged as one of the chief concerns of law enforcement agencies worldwide. The anonymous and pseudo-anonymous nature of these digital assets has been a massive draw for criminals and illicit activities. Using digital cash for crime is a lure many can’t resist. And if you believe the crypto scene has only played host to petty crime, you are grievously wrong.
Authorities and law enforcement agencies have busted several high-profile and massively-scoped criminal rings over the last few years. In 2020 they:
- Wrapped up a couple of cryptocurrency fundraising campaigns that financed terrorist organizations
- Arrested criminals who had pulled off a Twitter hack affecting millions of users
- Shut down pornography operations targeting minors
- Seized the cryptocurrency addresses of hundreds of North Korean hackers
What do these crime-busting success stories have in common besides their grand scopes? The fact that law enforcement used input from private cryptocurrency investigative and blockchain tracking service providers to dismantle, track down, and wrap up the crimes.
Private blockchain tracking and cryptocurrency recovery companies offer police support and services to law enforcement agencies world-over. And it has become clear to law enforcement agencies that private-sector cooperation is essential in fighting technology-based fraud and crime.
Currently, law enforcement agencies are ill-equipped and do not have the skills they need to fight cryptocurrency crime. They must acquire the know-how and the skills from somewhere. And as CNC Intelligence has recently shown in Nigeria, private-sector crypto-tracking companies are the most straightforward sources of blockchain information and digital asset-tracking skills.
Cooperating with private crypto tracking companies carries many upsides for law enforcement.
On the one hand, they can get training. They can use outside advisors to provide their employees with the basic skills they need to recognize cryptocurrency crime and understand what they can and should do about it.
On the other hand, they can use the expertise crypto tracking companies can provide. Law enforcement may not have the resources to go into the details of sophisticated cryptocurrency tracking. Agents invest their time better by collecting evidence and building a case against criminals. The minutiae of the process would tie up precious resources and hamstring investigations.
A Cost-wise Problem
Law enforcement agencies may not have the financial resources to hire cryptocurrency tracking experts who find better employment opportunities in the private sector.
For now, law enforcement cannot compete with the private sector salaries that specialized cryptocurrency tracking expertise commands.
It also makes sense for agencies to contract these specialized skills instead of maintaining them in-house. By understanding the basics of cryptocurrencies and how criminals tend to use them, law enforcement can decide when to contract outside help.
Cases involving large seizures and forfeitures feed significant funds back into the budgets that fund law enforcement. Therefore, it makes sense to spend a few tens of thousands of dollars on contracting help if the potential windfall is in the millions of dollars.
The Advantages of Working with Private Sector Companies
Private sector blockchain analysis companies like CNC Intelligence Inc. use proprietary data and methods to analyze the ledgers that hold the records of all cryptocurrency transactions. They uncover the real-world entities behind transactions and piece together fraud schemes, revealing the locations and identities of the perpetrators.
Private companies working with law enforcement agencies give agents access to their databases and offer training, complete with behind-the-scenes expertise. They provide experts who train personnel and work with agents at law enforcement facilities when needed.
A quick look over media reports over the years reveals that most U.S. law enforcement agencies have used the services of private-sector experts at one time or another. Some law enforcement entities have integrated private-sector firms into their units by contract.
Crypto Assistance is an Increasingly Sought-after Commodity
The Financial Action Taskforce, the global anti-money laundering agency, has begun pressuring its members to implement stronger AML policies and develop capabilities against cryptocurrency-linked cybercrime. The new demands have pushed law enforcement agencies to seek private-sector help and expertise.
The increasingly fast-changing technological landscape poses challenges that law enforcement cannot meet with its legacy systems and procedures.
According to standard practice, law enforcement would develop capabilities to meet technological challenges. Agencies would add agents to their staff, training them in the new technologies. Developing effective crime-fighting capabilities this way would take years.
Due to the quickly evolving nature of cybercrime, law enforcement cannot afford to take years to develop new capabilities. By the time agents are ready to tackle a type of crime, the criminals will have moved on to different techniques and technologies. Not only are effective cyber crime-fighting skills tedious to develop, but they also grow obsolete quickly.
The answer is to bring in already functional outside expertise. And private sector companies like CNC Intelligence Inc. who offer police support services are part of this answer.
As CNC Intelligence Inc’s recent initiatives in Nigeria have shown, cooperation between law enforcement and private-sector blockchain analysis companies can take many forms. CNC Intelligence Inc’s Matthew Stern briefed local law enforcement agents on the basics of cryptocurrency-based cybercrime, enabling them to recognize, investigate, and prosecute cases.
The Many Dimensions of the Law Enforcement – Private Sector Cooperation
CNC Intelligence Inc. is committed to cooperation with law enforcement for several reasons.
As a company that tracks and recovers stolen digital assets, it must cooperate with local law enforcement world-over to recover assets after it tracks them down. CNC Intelligence Inc. liaises with authorities the world-over, helping them achieve their goals while counting on them to help it achieve its asset recovery goals.
How Does CNC Intelligence Cooperate with Law Enforcement?
CNC Intelligence Inc. is committed to helping authorities combat cryptocurrency crime. To actively help law enforcement investigate and prosecute cryptocurrency cases, the organization offers a suite of flexible police support services, beginning with tracing assistance and wrapping up with expert witness services.
Tracing and Specific Case Assistance
CNC Intelligence Inc. can offer law enforcement agencies cryptocurrency tracing services on a case-specific basis if needed. The company can also connect its clients with other local or federal crypto-tracing specialists.
As the Nigeria example shows, CNC Intelligence Inc. offers a wide range of training courses for law enforcement agencies. The courses cover the basics and advanced crypto tracing, forensic investigations, and recovery techniques, including the legal implications.
Expert Witness Services
Expert witnesses use their expertise to convince the court of the validity of an argument that supports a case. Expertise is always welcome, but not enough. Skilled expert witnesses can masterfully convey expertise in the courtroom, explaining complex concepts to laymen in easy-to-digest servings.
CNC Intelligence Inc’s experts are ready to take the stand and provide expert opinion services to help legal proceedings. Credibility and expertise help law enforcement build strong cases against perpetrators of cryptocurrency-based cybercrime.
Private-sector companies offering police support services like CNC Intelligence Inc. have worked shoulder-to-shoulder with law enforcement agencies for years, facilitating the cracking of many high-profile cases. The relationship is a symbiotic one. Law enforcement can help with the final stage of the recovery process. Crypto tracing and recovery firms can provide investigative reports and guidance on how the authorities can subpoena and acquire suspect information to forward their investigations.