Cryptocurrency transaction analysis of policy document released by NYPD

The reason behind NYPD’s policy document release for cryptocurrency
  • The New York Police Department (NYPD) issued a document that highlights its use policy for cryptocurrency transaction analysis
  • It is a six-page document which was published last week
  • The New York City Council introduced a bill last June which required the NYPD to submit details on its use of such technology

The New York Police Department (NYPD) issued a document highlighting its use policy for cryptocurrency transaction analysis. The paper extended up to six pages and was released last week.

The reason behind NYPD’s policy document release 

The top law enforcement agency within New York City had not publicly detailed its use of tools until now. The alleged source of the tools seems to be “approved vendors,.” 

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The revelation was announced as part of a bigger release of influence and use policies. These policies are then associated with its surveillance capacity. 

The New York City Council introduced a bill last June. The respective bill required the NYPD to submit details on its use of such technology. The claimed technology also involved facial recognition software and drones.

NYPD’S statement on the policy document 

The NYPD claims that it uses cryptocurrency analysis tools to automate the search for information in the document. This data is further connected with cryptocurrency transactions in the advancement of criminal inquiries.

It added that such a potential must be utilized to remain compatible with the requirements and security of the Constitution of the United States. Moreover, it should also fulfill the New York State Constitution’s prerequisites and the relevant statutory authorities. 

The technical details

According to the policy document, the NYPD restricts access to cryptocurrency analysis tools along with the transaction data collected by it.

The report claims that cryptocurrency transaction information is restored within the case management system of the NYPD and It can only be accessed by the authorized users. The personnel using the NYPD computer and its case management systems are checked by username and password. The respective access rights, thus, are further bound based on lawful duty.

The NYPD documentation does not provide the details on the types of crimes being investigated by the transaction analytics software.

Earlier, NYPD had released some public warnings regarding phone scams that involve bitcoin payments. The police force was committed to the respective investigation in 2019. It majorly involved SIM swapping and a robbery of cryptocurrency worth $ 1 million.

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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