Cryptocurrency forensics firm – CipherTrace has launched a new program designed to train students, and provide tools necessary for the detection of cryptocurrency-related scams.
According to the announcement, the initiative titled “Defenders League” currently involves a partnership between the Middlesex University London, the Middlebury Institute of International Studies Monterrey and the Blockchain Acceleration Foundation (BAF); with these 3 acting as pilot institutions for the program.
Speaking on the initiative, CipherTrace Chief Financial Analyst – John Jefferies said the program aims to make the crypto economy safer for consumers and investors, and this can be achieved through an active involvement of the millennial generation of students.
“Together, the collaborating entities will empower students with training and tools to investigate crypto-related scam and fraud cases, helping to make the crypto economy safer for everyone.”CipherTrace Chief Financial Officer
CipherTrace will offer the Defender League students a $4.3 million grant for tools and related software, while also enjoying access to the company’s software suite which includes the CipherTrace Investigator Plus for tracking over 800 tokens.
Mr Jefferies noted that CipherTrace will train students to use its financial investigation software for tracking use of cryptocurrencies in illicit activities.
Considering the cryptocurrency market’s infancy and emerging boom, many fake elements have sought to capitalize on the industry’s profit benefit to swindle newbies and unsuspecting investors.
This trend though recurring, is being curtailed by the recent efforts of various cryptocurrency agencies to ensure investor safety through the use of tech tools to track cryptocurrency funds.
According to CipherTrace, over $4 billion had been reported as losses to scams and frauds towards the end of 2019; with culprits such as the fake One Coin project being arraigned before authorities, among others.
Director of Investigations and Education at CipherTrace Pam Clegg remarked:
“We’ve experienced a significant increase in requests for investigative and analytic support for fraud and theft cases. The CipherTrace Defenders League will be an elite corps of blockchain knowledgeable students who can conduct smaller-scale investigations. Their objective will be to produce actionable intelligence and evidence that can be used to recover stolen funds and ultimately prosecute those criminal actors responsible for the losses.”
In all, the CipherTrace program looks to breed expert cryptocurrency financial investigators, while also enhancing the employability of students within the emerging cryptocurrency and blockchain industry.