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Cryptocurrency is hard to trace, but CCID chief says commercial tech helping cops catch up to crooks

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2 years ago

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Cryptocurrency is hard to trace, but CCID chief says commercial tech helping cops catch up to crooks

KUALA LUMPUR, Jan 30 — Rather than cold hard cash, Malaysian criminals prefer to use cryptocurrency in their illicit activities like fraud, drug deals, robberies, selling hacked data, and ransom payments for kidnappings and murders in the Philippines.

This is because criminals perceive transactions involving cryptocurrencies as difficult to trace, Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf told Utusan Malaysia in a news report published today.

But Ramli said the police, specifically the Cryptocurrency Unit within the Bukit Aman Commercial Crime Investigation Department, is now able to identify diverse transactions with digital currencies using commercial technology.

“For instance, in the kidnapping and murder cases of Malaysians in the Philippines, PDRM successfully traced ransom payments through a crypto wallet and identified the mastermind,” he was quoted as saying, using the Malay abbreviation for the Royal Malaysia Police.

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Sharing the information with their Philippine counterpart, the authorities managed to apprehend the suspects in those cases.

“We have also identified the cryptocurrency transactions involving locals selling personal data obtained through government-owned websites,” Ramli told the Malay newspaper.

He also said that Bukit Aman’s cryptocurrency analysis unit discovered that nearly 90 per cent of cryptocurrency-related crimes are linked to investment fraud.

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He said many victims fall prey to cryptocurrency investment schemes offering unrealistic returns of 100 per cent within a short time frame, leading to losses amounting to millions of ringgit.

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Citing a recent case, he said an 80-year-old woman lost RM10 million in such a scam after participating in an investment scheme promoted through the WhatsApp group “accerx.com”.

According to Ramli, a total of 5,507 cases involving cryptocurrency investment fraud were recorded between 2019 and last year, with losses amounting to approximately RM417.3 million.

He noted that a significant number of these online fraud cases occurred through social media platforms like Facebook and WhatsApp.

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Crypto

Standard Chartered and Coinbase Expand Institutional Crypto Rails as Banking and Exchange Infrastructure Lock in

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7 hours ago

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December 15, 2025

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Standard Chartered and Coinbase Expand Institutional Crypto Rails as Banking and Exchange Infrastructure Lock in
Standard Chartered and Coinbase are pushing institutional crypto adoption forward by expanding a global digital asset partnership, signaling deeper integration between regulated banking infrastructure and crypto-native platforms as institutional demand accelerates.
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Crypto

UK Treasury to regulate cryptocurrency under new legislation

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19 hours ago

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December 14, 2025

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UK Treasury to regulate cryptocurrency under new legislation

The UK is set to introduce new legislation by 2027 that will bring cryptocurrencies, including Bitcoin, under a regulatory framework akin to traditional financial products.

The Treasury has unveiled plans for these new laws, which will mandate crypto firms to adhere to a specific set of standards and rules. These will be rigorously overseen by the Financial Conduct Authority (FCA).

This move comes amidst a broader push to reform the burgeoning crypto market, which has seen a surge in popularity as both an alternative investment and a method of payment.

Currently, unlike established financial instruments such as stocks and shares, the cryptocurrency sector lacks comparable regulation, potentially leaving consumers with reduced protection.

Chancellor Rachel Reeves said: “Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.
Chancellor Rachel Reeves said: “Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age. (Ben Birchall/PA)

The Government said the new rules, coming into force in 2027, will make the industry more transparent and make it easier to detect suspicious activity, impose sanctions or hold firms to account over their activity.

Chancellor Rachel Reeves said: “Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.

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“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK, while giving millions strong consumer protections, and locking dodgy actors out of the UK market.”

Crypto firms, which can include crypto exchanges and digital wallets, currently have to register with the FCA if they provide services that fall within the scope of money laundering regulations.

The changes will bring firms that provide crypto services into the remit of the FCA with the intention of supporting legitimate businesses.

City minister Lucy Rigby said: “We want the UK to be at the top of the list for cryptoassets firms looking to grow and these new rules will give firms the clarity and consistency they need to plan for the long term.”

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SEC Sets Bullish Tone on On-Chain Markets as Blockchain Settlement Becomes Strategic Priority

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1 day ago

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December 14, 2025

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SEC Sets Bullish Tone on On-Chain Markets as Blockchain Settlement Becomes Strategic Priority
The SEC is signaling a decisive push to move U.S. financial markets onto blockchain infrastructure, framing on-chain settlement as a priority upgrade that could reshape post-trade systems and regulatory strategy under Chair Paul Atkins.
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