Lethbridge Police implement new cryptocurrency crime program

The Lethbridge Police Service have brought in a new program that tracks down cryptocurrency transactions. They say it is to help in their investigations when it comes to fraud and those involving virtual cash. The program is called Chainanalysis Reactor. Sergeant Kevin Tallbot, with the Lethbridge Police Service, explains how the program works.  

“Tracing using the Chainanalysis program called Reactor. It’s basically, what you’re doing is you’re doing a blockchain analysis of transactions on the blockchain. The program is a program where we will input data. It could be anything from a wallet address to a wallet or to a transaction hash an entity name of an entity or anything like that. And we can then begin tracing from the point that the victim deposited funds into a wallet address to what exchange it ends up at close.”

According to the Canadian Anti-Fraud Centre, more $300-million was reported as lost due to investment fraud in 2022.