Singapore High Court grants company authority to track crypto hacks, while London's Metropolitan Police forms a specialized unit to investigate cryptocurrency-related crimes
In a significant move towards curbing cybercrime, authorities in Singapore and London are taking decisive steps to regulate the use of cryptocurrencies. The Singapore High Court has granted a company the authority to track crypto hacks, while the Metropolitan Police Service in London has assembled a specialized unit to investigate cryptocurrency-related crimes.
In a landmark case, the Singapore High Court has given Intelligent Sanctuary (iSanctuary) the green light to attach non-fungible tokens (NFTs) to cold wallets involved in a hack. This innovative approach will serve as a notice to counterparties and exchanges that the wallets have been implicated in a hack.
The case in question involves a stolen private key and is believed to involve Singapore-based criminals and crypto exchanges. It extends to countries including Spain, Britain, and other European nations, indicating the global reach of such cybercrimes.
On the other side of the globe, the Metropolitan Police Service in London has formed a specialized unit of 40 members dedicated to investigating cryptocurrency crimes. Since its inception in May, the unit has received 74 intelligence referrals and initiated 19 criminal investigations, demonstrating the increasing urgency of law enforcement to address the role of digital currencies in facilitating illegal activities.
The UK government has also announced plans to regulate cryptocurrencies like traditional financial products. The formation of this dedicated unit is part of a coordinated strategy to combat the growing involvement of cryptocurrencies in organized crime.
These developments underscore the increasing recognition of the role of cryptocurrencies in cybercrime and the need for innovative solutions to combat this issue. As digital currencies become more mainstream, law enforcement agencies worldwide will likely need to adopt similar strategies to effectively monitor and regulate their use.