UK NCA Sets Up Crypto Investigators to Combat $3 Billion in Fraud Losses

• The UK National Crime Agency (NCA) is creating a new team of cryptocurrency investigators to investigate unethical practices in the crypto industry
• The UK has experienced a total loss of $3 billion due to crypto hacks and scams
• The team of officials chosen for this position will be providing strategic and tactical advice on how to tackle crypto-related crimes

The UK National Crime Agency (NCA) is taking a firm stance on crypto-related crimes by creating a new team of cryptocurrency investigators. This team will be dedicated to tackling the unethical practices that are taking place in the industry, and to investigate those responsible.

The UK has been hit hard by crypto-related crime in recent times, with a total of $3 billion lost to crypto hacks and scams. This figure was highlighted in an investigation by the UK’s Financial Conduct Authority (FCA), which found that this industry has been a major contributing factor to financial scams. Between March 2021 and April 2022, a total of 432 scams were reported and scrutinised.

The team of officials who will be selected for this position of cryptocurrency investigator will be required to provide strategic and tactical advice on how to tackle crypto-related crimes, and to develop and implement the necessary tools and capabilities to do so. This includes the development of a “proactive cryptocurrency remit” in order to target UK-based subjects.

In order to ensure that the team is successful in their mission, the NCA have put out a job advertisement on the government’s website, asking for qualified individuals who possess the right skills and experience to join the team.

The establishment of a crypto crime cell is an important step in ensuring the safety of the UK financial market, and in tackling the rising number of crypto frauds. The team of investigators will be dedicated to protecting the public from such activities, and to ensure that the industry remains secure and safe for all.