Head of Ukrainian Cyber Police Advocates for Regulating Cryptocurrencies
- The official highlighted difficulties to investigate crypto mining-related crimes because of the lack of regulation.

Ukraine’s head of cyber police has raised concerns about the ongoing criminal activity that is taking place within the cryptocurrency sphere and is calling for regulating it. Oleksandr Grinchak stated during an interview with RBC that regulating the crypto industry would significantly help authorities monitor illegal transactions.
The official says that most crimes can be associated with digital assets, such as murders and drug trafficking, due to the anonymous nature of transactions done through Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term. However, he clarified that it often does not possess a tough hurdle for the police to investigate criminals.
“We have contact with each liaison officer at the embassies located on the territory of Ukraine. We are as close as possible to the United States, Britain, the countries of the European Union, primarily France and Germany. Now we are trying to establish communication with China. Because a lot of crimes are related to cryptocurrency, and it all came out of China, this is its primary source,” Grinchak said about the origin of most of the crypto-related crimes that hit Ukraine’s citizens.
Difficulties on Investigating Crypto Mining-Related Crimes
Still, Grinchak pointed out that the bureau constantly communicates with crypto exchanges through its specialists in blockchain analytics to identify criminals that arrange illegal transactions. Additionally, the cyber police stated that many criminals rely on hiding their digital identities behind VPN providers from Russia. Moreover, the office has been in touch with Telegram to help crack down groups with the illicit trade of goods and services with cryptos.
Ukraine’s head of cyber police has raised concerns about the ongoing criminal activity that is taking place within the cryptocurrency sphere and is calling for regulating it. Oleksandr Grinchak stated during an interview with RBC that regulating the crypto industry would significantly help authorities monitor illegal transactions.
The official says that most crimes can be associated with digital assets, such as murders and drug trafficking, due to the anonymous nature of transactions done through Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term. However, he clarified that it often does not possess a tough hurdle for the police to investigate criminals.
“We have contact with each liaison officer at the embassies located on the territory of Ukraine. We are as close as possible to the United States, Britain, the countries of the European Union, primarily France and Germany. Now we are trying to establish communication with China. Because a lot of crimes are related to cryptocurrency, and it all came out of China, this is its primary source,” Grinchak said about the origin of most of the crypto-related crimes that hit Ukraine’s citizens.
Difficulties on Investigating Crypto Mining-Related Crimes
Still, Grinchak pointed out that the bureau constantly communicates with crypto exchanges through its specialists in blockchain analytics to identify criminals that arrange illegal transactions. Additionally, the cyber police stated that many criminals rely on hiding their digital identities behind VPN providers from Russia. Moreover, the office has been in touch with Telegram to help crack down groups with the illicit trade of goods and services with cryptos.