In response to an increase in requests for assistance, Binance has started a programme to teach law enforcement how to recognise cybercrimes.
The biggest cryptocurrency trading platform in the world reported on Tuesday that its investigations team has complied with more than 27,000 requests from law authorities since November.
The FBI has just issued a warning about cybercriminals who are increasingly taking advantage of holes in decentralised finance, or DeFi, networks.
In response to increased requests for assistance from both public and private groups, Binance, the largest cryptocurrency trading platform in the world, announced Tuesday that it has started a global programme to educate law enforcement about how to identify cybercrimes.
The programme, according to a statement from Binance, is the first one of its kind to be coordinated internationally. In addition to helping with the prosecution of “bad actors who exploit digital assets,” the emphasis goes beyond simple crime detection.
The FBI issued a warning last month about how hackers were increasingly using flaws in systems for decentralised finance, or DeFi, to steal money from investors. According to the organisation, hackers stole $1.3 billion in cryptocurrencies during the first three months of 2022, roughly 97% of which were taken from DeFi platforms.
Binance reported that its investigations team has handled over 27,000 law enforcement requests since November. In addition, over the last year, the team has run and participated in over 30 workshops with law enforcement officers in countries such as the United Kingdom, Brazil, Canada, Germany, Israel, and South Korea.
We collaborate with law enforcement to track and trace suspected accounts and fraudulent activities, helping to combat terrorism financing, ransomware, human trafficking, child pornography, and financial crimes, said Tigran Gambaryan, Binance’s VP of global intelligence and investigations, in a statement. Gambaryan previously worked for the Internal Revenue Service’s Cyber Crimes Unit as a special agent.
The investigations team of Binance, which includes security professionals, former law enforcement officers, analysts, and operators who assisted in the takedown of important criminal sites like Silkroad and Hydra, is in charge of the training programme.
The one-day training includes discussions about the techniques Binance has developed to find criminals and stop violations, as well as in-person workshops on blockchain and cryptocurrency ideas.
