maaxx.ca

Crypto. Document: Traxer/Unsplash

Previously reported, Canadian police revealed that they conducted an investigation using blockchain monitoring software Chainalysis Reactor to root out crypto crime.

Police discussed the situation with Sergeant Kevin Talbot of the Lethbridge Police Service (LPS) Economic Crimes Unit. Talbot was trained in blockchain analysis, which is considered a significant advancement for a smaller force like LPS.

The report notes that technology allows LPS to trace transactions, identify suspects and determine where funds were deposited, although prosecuting fraudsters remains a challenge.

Talbot revealed that he allowed police to write production orders to gather information about account holders.

“We will get to the point where we will have transaction data, but we won’t be able to track it because it requires special programming and training to do these things. In Canada, we are making progress,” Talbot was quoted as saying on Monday by Bitcoin.com. (8/21/2023).

Talbot added that he would use the Chain Reactor program to trace the exchange. The information is then shared with investigators who will then write a production order to obtain information about the account holder, whether the account contains funds and where the funds were transferred.

“When we conducted this investigation, the objective was twofold. “We want to prosecute someone, but often, even if the individuals involved are overseas, which makes prosecution a little more difficult, there’s not always an opportunity where they’re local or from less in North America,” he concluded.