A tool called Cryptotrace is developed in partnership with the University of Hong Kong. Law enforcement officers investigating crimes with virtual assets are going to use the service. At the end of March, CSTCB conducted special training sessions for investigators.
CSTCB reported that working with interested participants in the Web3 market, creating a safer environment for tracking transactions with joint efforts. However, the bureau did not reveal the details of cooperation.
The University of Hong Kong said that Cryptotrace includes “advanced technologies” to analyze blockchains and graphs, with which law enforcement officers can track money laundered through cryptocurrencies. The tool is designed to simplify and accelerate the investigation of cases of crypto -mesh, assured at the university.
In October 2024, the Hong Kong police arrested 27 people who abducted cryptocurrencies from Asian investors using dipfaces. The criminals made video calls created using artificial intelligence (AI), inviting people to a fraudulent platform for cryptocurrency trading. In total, the attackers stole crypto assets by $ 46 million.
In early April, the Hong Kong Securities and Futures Commission allowed licensed cryptocurrency trading platforms to provide stakeing services. However, these companies are required to comply with strict regulatory requirements and provide customers with information about the risks associated with stakeing.
Source: Bits
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