Indian Home Affairs Ministry Develops Crypto Intelligence Tool to Curb Illegal Activities
Summary:
The Indian Ministry of Home Affairs is creating a Cryptocurrency Intelligence and Analysis Tool (CIAT) to counter illegal activities related to cryptocurrencies. The initiative is led by the country's Cyber Crime Coordination Centre. CIAT will track cryptocurrency wallet addresses on the dark web, facilitate data collection, and alert about unusual crypto activities. The move comes in response to increasing crypto-related scams. For instance, a software engineer recently lost over $120,000 due to a cryptocurrency scam, and two suspects were arrested for a scam in July in Ujjain.
India's Department of Internal Security is apparently crafting a digital currency intelligence tool to counter increasing unlawful activities associated with virtual currencies nationwide. As per a report by CNBC, the department wishes to thwart cryptocurrency-related crimes using a program named the Cryptocurrency Intelligence and Analysis Tool (CIAT). The endeavor is led by the country's Cyber Crime Coordination Centre, a division specifically assigned to probe and curtail cybercrimes. The Intelligence and Analysis Tool will keep tabs on digital currency wallet addresses on the dark web, thereby aiding in the accumulation of transaction data such as time stamps, dates, concerned exchanges, and associated services. The report also reveals the tool will alert the Home Affairs Ministry when it spots anomalous cryptocurrency behavior.
The story further emphasized that the project is an answer to the escalating rate of illegal activities linked to cryptocurrencies. Only recently, an Indian software engineer purportedly lost over $120,000 due to a cryptocurrency scam. An online acquaintance advised him to invest in a digital currency, only to discover he couldn't retrieve his funds after investment. Additionally, in July, two suspects were apprehended for an alleged person-to-person virtual currency scam in Ujjain, India. Fraudulent bank accounts, ATM cards, and other documents were seized by authorities. It's alleged that the suspects utilized forged identification to defraud users of Binance P2P.
When Cointelegraph attempted to contact the Indian Ministry of Home Affairs, they were unable to receive an instant reply. According to reports, digital currency has seen an unprecedented surge in popularity in India. On 12th September, the nation ranked first in the Global Crypto Adoption Index for 2023, as revealed by Chainalysis, a blockchain analytics company. The report demonstrated that India led in terms of value received via both centralized and decentralized financial services. India's closest competition in the index was Nigeria and Thailand.
Published At
9/22/2023 9:05:41 AM
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