In response to an increase in requests for assistance, Binance has started a program to teach law enforcement how to recognize 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 recently issued a warning about cybercriminals increasingly taking advantage of flaws in platforms for decentralized financing, or DeFi.
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 program to educate law enforcement about how to identify cybercrimes.
The program, 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 decentralized finance, or DeFi, to steal money from investors. According to the organization, which used data from Chainalysis, hackers stole $1.3 billion in cryptocurrencies during the first three months of 2022, roughly 97% of which were taken from DeFi platforms.
Since November, according to Binance, its investigations team has responded to more over 27,000 requests from law enforcement. Additionally, the team has led and taken part in more than 30 seminars with law enforcement personnel over the past year in nations like the UK, Brazil, Canada, Germany, Israel, and South Korea.
“We work hand-in-hand with law enforcement to track and trace suspected accounts and fraudulent activities, contributing to the fight against terrorism financing, ransomware, human trafficking, child p*rn*graphy, and financial crimes,” Tigran Gambaryan, Binance’s VP of global intelligence and investigations, said in the statement. Gambaryan previously served as a special agent at the Internal Revenue Service’s Cyber Crimes Unit.
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 program.
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.