Ukraine Officials Get Advanced Training to Tackle Crypto Crimes
Officials from Ukraine are undergoing training to conduct investigations on virtual asset businesses. On this account, the officials are using various blockchain networks to trace transactions and employ special analytics tools.
For this training, the Organization for Security and Co-operation in Europe (OSEC) has recruited 14 officials from Ukraine to undergo special training between 14 and 17 November.
The selected officials are enrolled in an advanced training course organized in Vienna, Austria. OSEC has recently published a report on the event. The report has revealed that the officials are selected from the law enforcement and supervisory sector to learn about advance techniques and tools for collecting data regarding financial crimes through virtual currencies.
OSEC is based on an alliance of 57 nations hailing from Asia, Europe, and North America. The organization was setup to combat security issues and other related problems rising around the globe.
Training on Crypto Crime Investigation
The training course for investigating virtual currencies is organized and managed by office of coordinator of Economic and Environmental activities in association with United Nations Office for Drugs and Crimes. Ralf Ernst is the acting coordinator on the project who briefed media regarding the progress and scope of the training course.
He noted that this course will enhance the resilience of the nation to prevent financial crimes such as money-laundering. He further noted that that growing adoption of virtual currencies has led to an increase demand for law enforcement and supervisory action.
He further noted that the Ukrainian officers undertraining are currently learning about tracing cryptocurrency transactions on various blockchain networks. They are also working on learning about using specialized software for analytics and tracking.
Ernst noted that the officials from the war-trodden nation have received similar training in the past for carrying out crypto investigation. He retained that OSCE aims to continue its efforts for preventing money-laundering practices via digital currencies in Ukraine.
The project has received funding from Germany, United Kingdom, Romania, Poland, and United States. The scope of the project intends to safeguard Georgia, Ukraine, and Moldova from the criminal risks associated with digital currency trading.
Tether Starts Working with Ukraine Officials to Block 32 Cryptocurrency Addresses
Stablecoin project Tether recently started working with law enforcement agencies of Ukraine and Israel to freeze 32 suspicious digital currency addresses that are linked to terrorist activities. USDT reserves valued at $873,118 were found spread across 32 wallet addresses traced in Israel and Ukraine.
Tether CEO, Paolo Ardoino, recently told the media that crypto transactions are not anonymous and they are traceable. Tether is also working with Department of Justice and OKX to freeze $225 million in USDT reserves connected with human traffickers. The firm made the announcement on Monday to confirm the freezing of USDT coins connected to the scam.
According to a media briefing by Tether CEO, scammers hailing from Southeast Asian nations such as India use different methods to entrap investors. The scammers either entice their targets to travel to suspicious areas where they can be captured for human trafficking or give them false information with promises of big returns.
The project noted that it had central control granting the ability to the crypto project to freeze cryptocurrencies utilized in criminal activities. At the same time, the interference of management deters the decentralized status of the stablecoin project.
