India Develops Darknet Monitoring Tool to Fight Crypto Fraud

The tool will monitor crypto wallets and alert the Indian Ministry of Home Affairs about irregular transactions, according to a report.

India Develops Darknet Monitoring Tool To Fight Crypto Fraud_65b97aac21392.jpeg

The Indian Ministry of Home Affairs( MHA) is reportedly developing a crypto intelligence tool in response to the rise in illegal conditioning related to cryptocurrencies in the country.

According to a CNBC report, the MHA aims to combat crypto- related crime through what they called the Cryptocurrency Intelligence and Analysis Tool( CIAT). The design is commanded by an MHA division called the Indian Cyber Crime Coordination Centre, a unit devoted to probing and addressing cybercrime.

With CIAT, the MHA will cover crypto portmanteau addresses in the dark net. This will grease the compendium of sale records, including timestamps, dates, exchanges used and which services were done. According to the report, it’ll also inform the MHA when it detects irregular or unusual crypto conditioning.

The report stressed that the design was done in an trouble to respond to the rise in crypto- related illegal conditioning in the country. before this month, an Indian software mastermind reportedly lost over$ 120,000 to crypto fraud. A woman he met online advised the inventor to invest in a crypto coin, but was unfit to withdraw his fund after depositing it.

In July, two suspects were arrested in an alleged peer- to- peer( P2P) crypto fiddle in Ujjain, India. The police seized fake bank accounts, ATM cards and other documents. The suspects allegedly used fake IDs to fiddle druggies of Binance P2P.

Two Accused In Binance P2P Scam Arrested In Ujjain, India

Two accused of scamming people on #Binance P2P arrested by police in Ujjain, India. Many fake bank accounts, ATM cards and documents are seized from accused

The accused used to buy Fake ID Proofs and personal data…

— Ajay Kashyap (@EverythingAjay) July 11, 2023

Crypto has been getting significant adoption in India. OnSept. 12, the South Asian country outgunned the 2023 Global Crypto Adoption Index released by blockchain analytics firm Chainalysis. The report showed that India was number one in terms of decentralized finance( DeFi) value entered and consolidated service value entered. Nigeria and Thailand nearly follow India, according to the indicator.


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