The PayBito Chief addresses why improving existing infrastructure, training and collaboration are crucial for enforcement and regulatory bodies to succeed in crypto investigations.
Rapid global crypto growth has indirectly contributed to a rise in cybercriminal activities. While challenging, it is not impossible to track and trace the whereabouts of hackers using crypto across their illegal operations. PayBito Chief Raj Chowdhury remarked on the need for law regulators and enforcement agencies to upgrade the existing system infrastructure, recommending the use of blockchain-powered solutions.
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Crypto crimes have witnessed record-breaking surges in recent years, despite the crypto markets witnessing a bear slump. Crypto-jacking has surpassed its previous all-time high by 30%. Crimes associated with cryptocurrencies peaked at $14 billion the previous year. In a recent survey comprising 300 respondents from 183 government agencies, 74% of the participants acknowledged the shortage of technical resources for investigating crimes pertaining to cryptocurrencies.
The PayBito chief, a noted blockchain pioneer himself, remarked, “As the crypto community continues to grow at an astounding pace, government agencies are falling behind in keeping up with the progress. Law enforcement agencies dealing with crypto crimes, in particular, need massive upgrades in their existing infrastructure comprising efficient tools for blockchain analytics.”
Cybercriminals using digital assets are changing in line with the constant changes across the crypto industry. The economy observed a recent shift from centralized frameworks to DeFi protocols, which are relatively harder to trace. More than half of the aforementioned survey respondents handle over 10 crypto cases on a yearly basis, with 40% reporting the number exceeding 20. Most of these criminal investigations revolve around frauds, scams, ransomware, cybercrime, and drugs.
“The rapid upgrades highlight the need for optimized data visualization. In addition to crypto training, blockchain analytical tools will be crucial in determining the success of an organization,” concluded Chowdhury, who had previously put the spotlight on blockchain analytics and crypto education.
PayBito deploys its globally recognized blockchain-powered white label crypto solutions in more than 26 nations across 6 continents. The company announced discounts and recent updates in its UI/UX designs and crypto broker programs while increasing its total asset listing to 41. PayBito has contributed to industries from various sectors, including gaming, digital asset exchanges, and more.
The growing rate of global crypto adoption is pushing forward a need for accurate reliable data transactions within crypto’s underlying blockchain network. Blockchain analytical tools and architecture can make a ton of difference, especially in law enforcement and regulatory framework agencies.
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