Crypto companies are reportedly targeting current and former police officers (especially those with experience of investing cyber crimes) in the U.K. with lavish salaries in a ramping up of hiring efforts.
According to a report by Bloomberg News, some of the biggest crypto firms — including Coinbase, Chainalysis, and Binance — are actively hiring law enforcement officers, offering them double and triple their current salaries to leave their jobs.
The National Police Chiefs’ Council (NPCC) reports that they are losing “experienced cybercrime officers” and staff at 3 to 4 times the rate of the rest of the policing force. The Council serves as the representative body for all U.K. forces.
The NPCC estimates that 15 former policing or law enforcement officers now work with prominent crypto firms and expects that number to “increase significantly” over the coming year.
Andrew Gould, head of the NPCC’s cybercrime unit, told Bloomberg:
The loss of experienced cyber officers and staff is a significant problem for us. 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.
U.K. police chiefs lobbied the government for funding in 2018 to train 250 “crypto tactical advisers” on the investigation and seizure of digital assets. The advisers are now in high demand from crypto firms and exchanges, which face a regular threat from hackers and changing global regulations.
A Coinbase spokesperson told Bloomberg that former cybercrime officers can play an “integral role” in keeping customers’ funds safe and secure.
However, the report noted that the poaching of highly trained cybercrime talent is taking a toll on the U.K. As Gould says, the country “can’t afford to lose such highly skilled staff” at the current rate.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.