With the exponential rise in the number of crypto firms across the globe, the number of cops in the U.K. police force has decreased.
Crypto firms, backed by affluent investors, are able to poach experienced U.K. cybercrime cops by offering a higher pay.
Coinbase Global is one of the firms employing former law enforcement staff. A spokesperson for the company said that their experience “can play an integral role in keeping our customers’ funds safe and secure as we work toward becoming the most trusted on-ramp to the cryptoeconomy.”
Chainanalysis, a crypto security firm is another example. Binance Holding, which is the world’s largest crypto platform by volume traded, has appointed an ex-US cybercrime official at the U.K. ‘s Financial Conduct Authority as its new Director of Regulatory Policy recently.
This change in the status quo has resulted in the U.K. police force losing cybercrime officials at an alarming rate.
The National Police Chiefs’ Council (NPCC), which is a representative body for all U.K. forces, estimates that around 15 former cybercrime law enforcement officials now work for private crypto firms.
Andrew Gould, head of the NPCC’s cybercrime unit has said, “Their skills are in high demand in the private sector so we can see them doubling or tripling their pay which is why they go.”
They said that they are losing experienced cybercrime officials at 3 to 4 times the rate of other officials.
“Whilst we don’t begrudge them a well deserved pay rise operationally we can’t afford to lose such highly skilled staff at that rate” he continued.
NPCC expects to lose more cybercrime officials over the next year to 18 months.
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