KUALA LUMPUR: The cryptocurrency analysis laboratory, which started operation in 2021, has raked up an impressive record of resolving major cases including cryptocurrency fraud involving losses worth millions of ringgit.
Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said the laboratory, developed by the CCID Cryptocurrency Crime Investigation Unit, is equipped with advanced technology and operated by experienced and highly skilled officers and members.He said the laboratory, capable of providing superior investigation analyses using the latest equipment, is also responsible for analysing transactions, tracking and identifying users.
“An example is the case of the death of Nora Anne Quoirin in 2019 where the family received an email asking for a ransom in the form of cryptocurrency.
“Based on the analysis, it is believed that the email was used to take advantage of the situation and the sender had nothing to do with the death of the teenager,” he told Bernama.
Ramli said the transaction was analysed to find the weak points of every cryptocurrency transaction carried out by criminals.
“Investigating officers at the contingent and district levels who conduct investigations on cryptocurrency-related cases will apply to carry out transaction analysis to the Cryptocurrency Crime Investigation Unit,” he added.
Ramli said the department had received a total of 179 applications from investigating officers to analyse cryptocurrency from 2018 until Dec 31 last year.
“There are also applications for intelligence purposes, special operations, and other applications to carry out analysis of cryptocurrency transactions ... so, unofficially, about 500 analyses have been carried out.
“Based on the request for analysis from the investigating officers, the highest number of cases involves cryptocurrency investments that promise high returns in a short period,” he said.
Ramli said the unit also received a total of 5,507 police reports nationwide regarding the use of cryptocurrency as a payment medium, cryptocurrency investment scams, cryptocurrency scams, Macau scams and ransomware between 2019 and 12023.
Based on CCID’s monitoring and investigations, various dubious activities were detected through cryptocurrency and cryptocurrency fraud cases are expected to increase year by year with the advancement of blockchain technology.
Ramli also confirmed that CCID had detected money-laundering syndicates operating in Malaysia using transaction layer.
“These syndicates use exchange platforms that are not registered with the Malaysian Securities Commission, or ‘peer-to-peer’ services to exchange cryptocurrency for fiat currency,” he said.
