A report indicates that the tool is specifically designed to monitor crypto wallets. It promptly notifies the Indian Ministry of Home Affairs whenever unusual transactions occur.
The Indian Ministry of Home Affairs (MHA) is reportedly developing a crypto intelligence tool in response to an increase in illicit activities related to cryptocurrencies within the nation.
According to a CNBC report, the objective of the MHA (Ministry of Home Affairs) is to address criminal activities related to cryptocurrencies. To accomplish this, they are utilizing the Cryptocurrency Intelligence and Analysis Tool (CIAT). Leading the initiative is the Indian Cyber Crime Coordination Centre, a division focused on investigating and mitigating cybercrime.
However, with the help of CIAT, the MHA will closely monitor crypto wallet addresses on the dark net. This monitoring system will streamline the compilation of transaction records, ensuring important details like timestamps, dates, exchanges used, and specific services conducted are recorded. Furthermore, it enables the MHA to promptly identify any irregular or unusual crypto activities outlined in the report.
Ujjain Scam Alert: Two Arrested In P2P Crypto Fraud Operation
The report emphasized that this project aims to address the growing instances of illegal cryptocurrency activities in the country. Recent events include an Indian software engineer who fell victim to a cryptocurrency scam, losing over $120,000.
Moreover, the engineer received advice from an online acquaintance, a woman, encouraging him to invest in a specific cryptocurrency. Unfortunately, he encountered difficulties when attempting to withdraw his funds after making the initial deposit.
In July, two individuals were apprehended by law enforcement in Ujjain, India, for their involvement in a purported cryptocurrency scam using the peer-to-peer (P2P) method. Counterfeit bank accounts, ATM cards, and various fraudulent documents were confiscated by authorities. It is believed that the suspects utilized fake IDs to deceive users of Binance’s P2P platform.
India has experienced a significant rise in cryptocurrency adoption. On Sept 12, the country achieved the top spot in the 2023 Global Crypto Adoption Index, as revealed by Chainalysis, a blockchain analytics firm.
The report highlighted India’s leading position in both decentralized finance value received and centralized service value received. Nigeria and Thailand closely followed India in the rankings according to the index.
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