Law enforcement agencies dealing with crypto crimes, in particular, need massive upgrades to their existing infrastructure that includes effective tools for blockchain analysis.
PALO ALTO, CA (PRWEB)
August 05, 2022
The rapid global growth of crypto has indirectly contributed to an increase in cybercriminal activity. Although difficult, it is not impossible to track and trace the whereabouts of hackers using cryptography in their illegal operations. PayBito Chief Raj Chowdhury highlighted the need for regulators and law enforcement agencies to upgrade existing system infrastructure, recommending the use of blockchain-powered solutions.
Crypto-related crimes have seen record increases in recent years, despite crypto markets experiencing a bear crash. Crypto-jacking surpassed its previous all-time high by 30%. Crimes associated with cryptocurrencies peaked at $14 billion the previous year. In a recent survey comprising 300 respondents from 183 government agencies, 74% of participants acknowledged the lack of technical resources to investigate cryptocurrency-related crimes.
The head of PayBito, himself a noted blockchain pioneer, remarked, “As the crypto community continues to grow at a staggering rate, government agencies are falling behind in tracking progress. Law enforcement agencies dealing with crypto crimes, in particular, need massive upgrades to their existing infrastructure that includes effective tools for blockchain analysis.
Cybercriminals using digital assets evolve with the constant changes in the crypto industry. The economy has seen a recent shift from centralized frameworks to DeFi protocols, which are relatively harder to trace. More than half of the aforementioned respondents handle more than 10 crypto cases per year, with 40% reporting more than 20. Most of these criminal investigations relate to fraud, scams, ransomware, cybercrime and drugs.
“The rapid upgrades highlight the need for optimized data visualization. In addition to crypto training, blockchain analytics tools will be crucial in determining the success of an organization,” concluded Chowdhury, who previously focused on blockchain analytics and crypto education. .
PayBito deploys its globally recognized, blockchain-powered, white-label encryption solutions in over 26 countries across 6 continents. The company has announced recent discounts and updates in its UI/UX designs and crypto brokerage programs while bringing its total asset list to 41. PayBito has contributed to industries across various sectors including gaming, digital asset exchanges, etc.
The growing rate of global crypto adoption is driving forward the need for accurate and reliable data transactions within the crypto’s underlying blockchain network. Blockchain analytics tools and architecture can make a ton of difference, especially in law enforcement and regulatory framework agencies.
PayBito is a leading cryptocurrency asset trading platform operating globally. The platform is designed and managed by a team with rich experience in banking security systems, cryptocurrency trading and Blockchain technology. It is available in the web version as well as iOS and Android stores. PayBito services include white label cryptocurrency exchange, white label payment gateway, subsidiary exchange and coin listing. PayBito offers some of the best rates and top-notch security in the crypto world.
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