Crypto companies are poaching UK cyber police with triple pay: report

Legal • April 30, 2022, 4:42AM EDT

Offers of triple pay are luring some specially trained UK cybercrime police officers into the private sector, and the trend is expected to increase, Bloomberg reported on Friday.

In 2018, the UK began training about 250 officers to investigate, seize, and realize the value of digital currencies, Bloomberg said. Last year, UK Metropolitan Police seized about $400 million of crypto in two hauls involving money laundering, The Block reported.

“The loss of experienced cyber officers and staff is a significant problem for us,” Andrew Gould, head of the UK National Police Chiefs’ Council’s cybercrime unit, told Bloomberg. “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.” The NPCC expects the trend to increase over the next year to 18 months.

Coinbase, the biggest US crypto exchange, and crypto research company Chainalysis are among those employing former law enforcement staff. A Coinbase spokesperson told Bloomberg they “can play an integral role in keeping our customers’ funds safe and secure.”

About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.