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Hong Kong Police Develop ‘CryptoTrace’ Tool to Help Track Online Crypto Crimes
By: crypto news|2025/05/15 19:00:13
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Hong Kong Cyber Security and Technology Crime Bureau (CSTCB) announced the launch of a virtual asset analysis tool to aid in crypto crime investigations.Dubbed ‘CryptoTrace’, the tool is developed in collaboration with the University of Hong Kong, an official release noted. The crypto tool offers “advanced intelligence and investigation support to crime investigation units,” it added.The Bureau said that they conducted virtual asset investigations and CryptoTrace training sessions in March. The course was aimed at strengthening the capabilities of frontline officers in handling virtual asset cases.In addition to fighting crypto-related crimes, CSTCB has been actively engaging with stakeholders across sectors.“The CSTCB will continue to strengthen collaboration with stakeholders, uphold its mission of protecting the security of Hong Kong’s digital sector, and strive to build a secure, resilient and responsible virtual asset ecosystem.”Hong Kong Crime Bureau Emphasizes Emerging Threats in Digital Asset SectorThe CSTCB’s Chief Superintendent Lam Cheuk-ho stressed the emerging threats in the crypto sector during his speech at the Cyberport Blockchain Security Conference 2025, held in April.“[He emphasized] the importance of exchanges, regulators and law enforcement agencies sharing responsibilities,” the release noted.Additionally, Chief Inspector Yan Ngan Hoi-yan analysed the trends and cases of anti-money laundering in crypto-related crimes.The CSTCB officers took part in a summit hosted by the Blockchain Compliance Professionals Association, sharing their views on Hong Kong’s Web3 sector.They also provided a “multi-faceted analysis” from the law enforcement point of view, emphasizing their determination to work with stakeholders “to build a safer and more sustainable Web3 ecosystem.”Hong Kong Lost Staggering $3.1B in 2024Titus, a legal firm in Hong Kong, noted that the city-state lost a staggering $3.1 billion in the first 10 months of 2024 to crypto-related scams.In October 2024, the HK police shut down a group running a HK$360 million ($46.35 million) cryptocurrency investment scam.Additionally, the government recently exposed a sophisticated scam related to the fake “National Hong Kong Coin.” The scam misled the public into believing the government would soon launch an official digital currency.Hong Kong was termed as the world’s second-most crypto-friendly city, per the latest Crypto Report 2025 by migration platform Multipolitan.The post Hong Kong Police Develop ‘CryptoTrace’ Tool to Help Track Online Crypto Crimes appeared first on Cryptonews.
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