Canada Adopts Chainalysis Reactor To Track Crypto Transactions
The Canadian Police have reportedly started utilizing the blockchain tracing tool Chainalysis Reactor to track crypto-related crimes. With the new technology, the Police can trace crypto transactions, determine where funds are moved, and identify critical suspects.
Tackling Crypto Crimes
Local law enforcement authorities have revealed a groundbreaking development in addition to their investigative toolkit. In a statement to the Lethbridge Herald newspaper, the Canadian Police announced that it had seamlessly integrated the cutting-edge Chainalysis Reactor software into its operations.
The move aims to boost the Police’s pursuit of justice against crypto-based crimes. Accordingly, the new tool will help the law enforcement body trace illegal crypto transactions from their origins to their final destination and identify the culprits involved.
Moreover, the remarkable software acts as a digital hunter, accurately tracking the virtual footprints of cryptocurrencies as they are moved from one exchange to another. When the trace leads to a specific platform where these digital assets are processed, law enforcement officers will be on standby to act and move on to the next phase of their investigation.
According to a Canadian police officer experienced in blockchain analysis investigation, the critical importance of this software infusion is that authorities can handle illegal crypto activities without depending on intermediaries for their inquiries. Furthermore, the officer highlighted how adopting this revolutionary software had ushered law enforcement into an uncharted space, boosting their efficacy in combating crypto-related crimes to unprecedented heights.
A Partnership To Combat Crime
The Calgary Police Service and the blockchain analytic firm Chainalysis teamed up in April 2023. The collaboration also resulted in the establishment of the Western Canada Cryptocurrency Investigations Centre.
The organization aims to accelerate the investigations of crimes involving blockchain technology and the players behind them. According to Chainalysis’ recent Global Crypto Adoption Index, Canada occupies the 22nd position globally in terms of cryptocurrency adoption.
The rise represents a significant improvement over its previous rankings of 26th in 2021 and 24th in 2020. Since last year, there has been a spike in the evolution of the Canadian crypto landscape.
The data further reveals that for every 1,000 Canadians, an average of 1,144 Canadian dollars was connected with illicit cryptocurrency activities. Furthermore, Chainalysis’ insights highlight the multiple nature of crypto activities within the Canadian economic system, encompassing legitimate and illegal events.
Meanwhile, the August 2023 data released by the Bank of Canada revealed a drop in holders of Bitcoin and other crypto assets in the country. In addition, a December 2022 statistics showed that 10.1% of the Canadian population owned Bitcoin (BTC), signifying a decrease from the previous year’s 13.1%.
With its adoption of the Chainalysis Reactor software, the Police have become more equipped to crack down on criminal elements orchestrating fraudulent transactions in the crypto space.
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