The crypto-industry pays far too well for cybersecurity professionals to stay in law enforcement.
The National Police Chiefs’ Council (NPCC) of the United Kingdom claims that cybercrime professionals are being lost at a rate three to four times faster than the rest of the police.
The crypto business appears to be largely to blame, with larger firms snatching these individuals with considerably higher compensation offers.
Criminal Potential of the crypto industry
While the volume of illicit crypto transactions is increasing, their fraction of total on-chain transfers is decreasing, according to reports. Defi applications are the most popular way for criminals to launder money in the business right now.
In 2021, ransomware incidents involving crypto were also fairly common, with at least $600 million stolen from victims. Crypto transactions are irreversible and pseudonymous, giving them a significant edge over traditional means for blackmailers.
Cops switching to crypto
According to reports, bitcoin exchange Coinbase and blockchain intelligence business Chainalysis are among the companies that are paying ex-police officers a lot of money to work for them.
Such specialists, according to a Coinbase spokeswoman, “can play a vital role” in keeping consumers’ assets safe and creating their trust in the crypto ecosystem.
Last week, Binance, the world’s largest cryptocurrency exchange, enlisted the help of specialists from the Financial Conduct Authority and the Financial Industry Regulatory Authority.
Since lawmakers are becoming increasingly wary about crypto’s role in criminal behavior, the jobs are intended to ensure the firm’s regulatory and sanctions compliance around the world.
The fact that the industry’s leaders are extremely profitable does not help the NPCC. The CEO of Binance, for example, is now one of the world’s wealthiest men.
As a result, they can afford to pay highly competitive pay to entice cybersecurity experts away from law enforcement.
“We have a severe problem with the loss of qualified cyber officers and staff,” said Andrew Gould, head of the National Police Crime Commission’s cybercrime unit. “Their abilities are in high demand in the private sector, therefore we expect them to double or triple their income, which is why they are leaving.”
Approximately 15 people with prominent histories in policing and law enforcement now work for large crypto businesses, according to NPCC estimates. Over the following 12 to 18 months, this number is likely to climb.
“We can’t afford to lose such highly skilled personnel at that rate,” Gould added, “although we don’t begrudge them a well-deserved salary boost operationally.”
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.