Hacking, pyramid schemes, and other forms of attack have been used in the name of cryptocurrency thefts through the last decade. While the industry may be unregulated, there are many law enforcement officers that want to find an end to this crime, keeping consumers safe. At an upcoming conference in Australia, they may have the opportunity.
- The National Proceeds of Crime Conference has not commenced since 2009.
- Multiple cryptocurrency-related crimes have occurred in Australia in the last few years, including nearly $1 million from retirees.
The cryptocurrency industry is no stranger to theft, but pursuing these crimes is relatively difficult around the world. A recent article by The Next Web’s Hard Fork reveals that law enforcers from around the world will soon gather in Australia at the National Proceeds of Crime Conference, as confirmed by a statement from the Australian Federal Police. Amongst the many topics of discussion will be finding methods that can end crimes associated with cryptocurrency.
The last time that the National Proceeds of Crime Conference took place was in 2009 before Bitcoin was even gaining any traction. Representatives of the Australian Federal Police, United States Department of Justice, Singapore Police Force, New Zealand Police, Australian Taxation Office, and the Australian Securities and Investment Commission will be in attendance.
Justine Gough, the AFP Acting Assistant Commissioner, stated,
“Advances in technology, like cryptocurrency and encrypted communications, have changed the way criminals acquire and hide their assets.”
She added that one of their “most effective” methods in influencing organized crime is with the seizure and removal of profits.
Some of the key issues that officers will be discussing at the event will include the dark web, the way that cybercrime is being monetized, and the trends that exist in money laundering. Considering the many cryptocurrency crimes that have been in the southern hemisphere of Australia, it should come as no surprise that the country is growing more aware of the need to end cryptocurrency crimes. For example, retirees in the country lost $900,000 in July this year in a scam involving cryptocurrency.
Along with these thefts, there have been multiple celebrities endorsing Bitcoin investment opportunities, aiming to con consumers. However, even with just these two examples in mind, locals lost about $14.76 million in just the first seven months of 2019, due to crypto-related crimes. Even after the event, this type of activity is likely to be enough of a reason for Australia’s law enforcement to crackdown more strongly on cryptocurrency crimes.