Hong Kong Police Receives Training from Bitrace for Crypto Crime Investigations

Amidst the surge in cryptocurrency-related crimes in Hong Kong, Bitrace has intensified its efforts to combat the issue.

The renowned data analysis firm has conducted specialised training sessions on on-chain fund tracking for members of the Hong Kong Police Force.

This recent endeavour forms part of Bitrace's Corporate Social Responsibility initiatives, aiming to enhance law enforcement's proficiency in blockchain technology, particularly in the context of Hong Kong's burgeoning role in the cryptocurrency sphere.

The training sessions were tailored for the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB), focusing on sharing insights and methodologies for investigating cryptocurrency-related offenses.

Bitrace's technical experts also provided demonstrations on the utilisation and flow of digital asset funds in activities such as online gambling, illicit trades, money laundering, and fraud.

Isabel Shi, CEO of Bitrace, commented:

"It's a real honour to talk with the police officers from Hong Kong. Improved legislation and enhanced prevention of crypto crimes will better promote the development of Web3."

Rise in Crypto-Related Crimes in Hong Kong

Over the past three years, Hong Kong has witnessed a notable increase in cryptocurrency-related crimes, with reported cases surging from 1,397 to 3,415, and corresponding amounts rising from HKD 824 million to HKD 4.398 billion.

This nearly threefold increase underscores the urgency of addressing such illicit activities.

Since September, the Securities and Futures Commission (SFC) of Hong Kong has heightened its efforts in information disclosure, particularly concerning virtual asset trading platforms.

This includes extensive publication of information, including a list of suspicious virtual asset trading platforms, aligning with the broader objective of providing transparent and timely information to the public.