People go on using bitcoin to buy merchandise from the dark web markets, while criminals seek ransom in bitcoin for one reason. They feel protected when they use bitcoin, because of its decentralized nature and the anonymity (pseudonymity) associated with the digital currency.
Meanwhile, on the other side of the world the security agencies are preparing themselves to tackle crimes related to bitcoin and other digital currencies. For those who are not aware of it yet, Interpol has created its own version of digital currency and they have been using it to train police forces belonging to their member nations for solving digital currency related crimes.
Recently Interpol held an interactive training seminar in their Singapore center. The crime fighting organization is said to have used their internally developed cryptocurrency and a simulated/mock dark web marketplace as part of the training exercise. This was the first time Interpol used its cryptocurrency developed by the organization’s Global Complex for Innovation (GIC) for training purpose.
Interpol’s Global Complex for Innovation has developed their own version of cryptocurrency for modelling various cybercrime related scenarios and conduct mock drills/investigations on such crimes. The first cryptocurrency based training session saw the involvement of 24 personnel from police forces across the world.
Bitcoin has led to the growth of online marketplaces on dark web where can presumably procure anything from illegal drugs to ordering a hit on someone. Even though bitcoin transactions are not completely anonymous, with currently available resources and skills, the law enforcement agencies usually have a very hard time tracking these transactions. Even after spending lots of resources and man power, they still might not be successful.
Understanding digital currency by creating their own version of it and finding different ways of tracking and tackling the challenges posed by the new upcoming technologies will prove very useful for law enforcement agencies.