BIGGER CRYPTO FIRMS ARE HIRING FORMER LAW ENFORCEMENT EMPLOYEES & OFFERING THEM HIGHER PAY
Some of the major crypto companies, including Coinbase, Chainalysis and Binance, are among those hiring former legal staff, and have paid them more than double their current salary, according to Bloomberg News.
In 2018, the U.K. government. has set aside funding to train 250 executives to become emerging digital financial experts. Known as crypto tactical advisors, officials were trained to investigate, capture and detect the value of digital currencies. Now, many of them leave the law and join private companies to do the same work to earn more money.
Officials are fulfilling the need for growing crypto companies that face a continuing threat from hackers, and are preparing countries like the US to impose tougher laws.
Cybercrime police are leaving the police force at three times the number of police officers, according to Bloomberg reports from the National Police Chiefs ’Council (NPCC), an organization representing the U.K.
At least 15 police officers have left law enforcement to join the crypto company in recent months, a number NPCC expects to rise sharply over the next 18 months, Bloomberg reported.
In a statement to Fortune, a spokesman for Chainalysis confirmed that the company was actively "hiring former legal talent (cyber and so on)," but declined to comment on their role in the company at the moment.
"[Cybercrime crime police] can play a key role in keeping our clients' finances safe and secure as we work to become the most trusted cryptoeconomy," a Coinbase spokesman told Bloomberg.
While former law enforcement officials play a much-needed role in crypto companies, their departure leaves a hole in the police force in the area of high crime. And every traveling officer has years of training and experience under the belt that is hard to change, the NPCC told Bloomberg.
"The loss of experienced online executives and staff is a major problem for us," Andrew Gould, head of the NPCC's cybercrime unit, told Bloomberg. "While we are not offended by the pay rises they deserve, we will not be able to lose high-skilled workers at that level."