Interpol creates team to focus on crypto crimes
14:32, 18 October 2022
The world’s largest police body, Interpol has created a team focused on the fight against crime that involves digital assets.
The international organisation, which facilitates worldwide police cooperation and crime control, has set up a special team in Singapore to help governments fight crypto crime, the Indian news agency Business Standard reported.
The announcement was made by the secretary-general of Interpol, Jürgen Stock, in New Delhi at a news conference prior to the 90th general assembly of Interpol.
The 90th general assembly will run from 18 October to 21 October.
Stock said that the absence of a legal framework for cryptos such as bitcoin (BTC) and ethereum (ETH) was a real risk to law enforcement agencies.
He said: “Huge developments in technology, internet of everything and digitalisation – because of cryptocurrency – pose a challenge to law enforcement, because very often, agencies are not properly trained and properly equipped from the beginning.”
The Interpol secretary-general said that cryptos and cybercrime are to be the focus of the agenda for the 90th general assembly.
BTC to USD
‘The only answer is international cooperation’
The special director of India’s Central Bureau of Investigations, Praveen Sinha discussed the increased difficulty behind monitoring cybercrime and said: “The only answer is international cooperation, coordination, trust, and real-time sharing of information.”
Stock said that Interpol and its 195 member countries will explore the future of police in an increasingly digitalised world, and hope to set out the organisation’s vision for 2030.
Interpol issues arrest warrant for Terra founder
In September 2022, Interpol issued an international “red notice” for Do Kwon, the co-founder and CEO of Terraform Labs, the company behind the stablecoin terraclassicUSD (USTC) and its sister token terra classic (LUNC), which both collapsed in value in May 2022.
South Korean prosecutors in Seoul in September said that Interpol had issued the notice. It came after a South Korean court put out an arrest warrant on Kwon earlier in September and asked Interpol to circulate a red notice on him.
An Interpol red notice is a request to law enforcement agencies worldwide to “locate and provisionally arrest a person pending extradition, surrender, or similar legal action”.
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