Interpol to create a special unit to fight cryptocurrency hackers

The world’s largest criminal police organization, Interpol, plans to step up the fight against cryptocurrency criminals by setting up a special unit in Singapore. According to Interpol Secretary General Juergen Stock, law enforcement agencies often lack the proper training and equipment to track cryptocurrency crimes, so there is a great need for a special unit.

The absence of a universal legal framework for cryptocurrencies such as bitcoin and ethereum creates serious problems for law enforcement agencies, giving criminals a free hand. «Cryptocurrencies are becoming a major threat to security around the world. INTERPOL’s Global Innovation Center in Singapore is working on a mechanism to overcome the challenges of cryptocurrency fraud,» said Jürgen Stock.

Investigating cybercrime is becoming increasingly difficult, emphasized Praveen Sinha, Special Director of the Central Bureau of Investigation of India. International cooperation and real-time information exchange play an important role in the success of Interpol’s investigations, and the special unit will help to make this happen more smoothly.

Currently, one of the most important cases of Interpol in the investigation of cryptocurrency crimes is the arrest of Terraform Labs co-founder Do Kwon. At the end of September, Interpol issued a Red Notice to law enforcement agencies around the world to arrest Do Kwon. An INTERPOL Red Notice is a warning to law enforcement agencies around the world to locate and arrest a person and hold him or her until extradition proceedings are initiated. The relevant document on Do Kwon was sent to police chiefs in 195 countries.

In addition to Do Kwon, Interpol is searching for the so-called cryptocurrency queen, the founder of OneCoin, Ruga Ignatova, who has been hiding in Greece for 5 years since she fled Bulgaria. However, neither Interpol, nor Europol, nor the US Federal Bureau of Investigation (FBI), which has announced a $ 100,000 reward for any information about the fraudster, have been able to find out the exact whereabouts of the crypto queen.