The Interpol designs its own virtual currency scheme, for crime prevention

Pierluigi Paganini April 20, 2015

The Interpol has recently announced the creation of its own cryptocurrency with the intent to understand the abuses and fight virtual currency crime.

According to Dr. Madan Mohan Oberoi, Director of Cyber Innovation and Outreach in the INTERPOL Global Complex for innovation (IGCI) being set up in Singapore, the Interpol is working to design of a Cryptocurrency. The initiative is conducted in the attempt to fight Virtual Currency Crime.

Dr. Madan Mohan Oberoi announced the project of the Europol at the “Interpol World” conference, where the official has explained to the attendees that an IGCI team of 30 experts are working to develop in-house forensic tools within the IGCI.

Why the Interpol is working on the development of a cryptocurrency schema?

According to Dr. Oberoi, the IGCI is designing a cryptocurrency for training purpose, it will be used in a specially-designed training simulation that reproduce cryptocurrency abuses.

bitcoin anonymity Interpol

INTERPOL cyber threat researchers, including members of the Kaspersky Lab, have recently identified a serious vulnerability in the virtual currencies schema. The flaw resides in the ‘block chain’ related to virtual transactions and it could be exploited to transmit code embedding malware or other illegal data, including child abuse images.

The exploitation of the vulnerability allows malware authors to design a new generation of malicious code with a modular structure.

The approach suggested by Dr. Oberoi is very effective, the only way to prevent criminal activities is to learn the techniques, tactics, and procedures of the criminal crews.

To conduct this type of research and identify new cyber-threats were among the key aims behind the creation of the Interpol Global Complex for Innovation. Having identified this threat, it is now important for Interpol to spread awareness amongst the public and law enforcement, as well as encourage support from communities working in the field of cyber security to find solutions for the potential Blockchain ‘abuse.’” said IGCI Executive Director Noboru Nakatani.

Pierluigi Paganini

(Security Affairs –  Interpol IGCI, virtual currency)

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