KUALA LUMPUR: The police are well-equipped to combat crypto-related crimes because their crime lab is able to resolve such cases within a short time.
In an exclusive interview with the New Straits Times, Bukit Aman Commercial Crimes Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf cited a recent case involving a 24-year-old hacker, who allegedly tried to sell personal data on the dark web.
He said the suspect collected his remuneration through crypto-transactions.
In highlighting the department's crypto-lab efficiency in anticipating such crime, Ramli said the police arrested the suspect in less than 24 hours after the police received a report.
"He thought he could get away with extracting some information from a government database and sell it on the dark web.
"He was selling it for US$200 per set.
"He did not know that the police were tailing him."
He said blockchain technology helped in the police's crime lab work when it handled crypto-related crimes.
"As I said, everything is systematic in terms of investigation. Like our crime lab, and I don't want to sound overconfident, but this thing is easily traceable.
"Everything which utilises blockchain technology has a unique trait. In other words, everyone has their own identification, so to speak."
He explained that the unique features of blockchain technology provided a "trail" for investigators.
He said this "trail" was also revealed when a person converted cryptocurrency into fiat money, which is a government-issued currency that is not backed by a commodity such as gold.
"Each participant in the network has their own distinct identifier, making it challenging for criminals to operate anonymously.
"So, it's a matter of bringing it to the surface. And once it is identified, it is a matter of time before that currency is converted into fiat money."
The CCID director's insights highlighted the meticulous approach taken by law enforcement in leveraging technology to uncover and trace illicit activities within the cryptocurrency realm.
He said the bigger challenge now was to create better awareness among the people about cryprocurrency scams, and how dangerous these scams could be.
He urged agencies, such as the Securities Commission Malaysia and Malaysian Communications and Multimedia Commission, to increase awareness on these dubious activities.
He said coordinated efforts between the police and other agencies were underway to educate the public on crypto-related cases.
"We are working with Bank Negara Malaysia and the National Scam Response Centre in exchanging information."