Cryptocurrency corporations are wooing U.K. cybercrime cops with assurances of double or triple salary, equipped with cash, and in need of regulatory knowledge, as reported by a local media house.
The National Police Chiefs’ Council (NPCC), which represents all UK police forces, claims that skilled cybercrime officers and personnel are being lost at a rate three to four times that of the rest of the force.
According to the NPCC, roughly 15 people with policing or law enforcement experience presently work for big cryptocurrency firms, and this number is expected to grow dramatically in the next year to 18 months. Andrew Gould, head of the NPCC’s cybercrime unit, said,
“The loss of experienced cyber officers and staff is a significant problem for us. Their skills are in high demand in the private sector so we can see them doubling or tripling their pay which is why they go.”
In 2018, police chiefs in the United Kingdom pushed the government for financing to equip and educate roughly 250 officers, called crypto tactical advisers, on how to probe, seize, and realize the value of a digital currency. Meanwhile, cryptocurrency companies and exchanges have already had to contend with the threat of hackers as well as a flurry of new global rules.
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Former law enforcement personnel are employed by companies such as Coinbase Global Inc., the popular cryptocurrency exchange in the United States, and Chainalysis, a crypto thinktank. Last week, Binance Holdings Ltd., the world’s largest crypto exchange in trading volume, named a former Financial Conduct Authority employee as its Director of Regulatory Policy. A coinbase spokesperson, further added,
“They can play an integral role in keeping our customers’ funds safe and secure as we work toward becoming the most trusted on-ramp to the cryptoeconomy”
However, their triumph is the police’s loss, as agencies deal with the loss of key personnel who have spent years practicing in this field.