The Hong Kong Crime Bureau has unveiled a new tool called ‘CryptoTrace’, created alongside the University of Hong Kong. This tool is designed to strengthen the police’s ability to track and investigate cryptocurrency-related crimes.
The Bureau has conducted training sessions to help officers maximize the tool’s capabilities in managing virtual asset investigations. Chief Superintendent Lam Cheuk-ho emphasizes the necessity of collaboration among exchanges and regulators to tackle rising threats in the crypto landscape.
In 2024, Hong Kong experienced substantial financial losses from crypto scams, amounting to $3.1 billion. Among these, a notable scam involved HK$360 million, emphasizing the critical need for innovative security measures like CryptoTrace.
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