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India to Implement Dark Net Monitor to Thwart Crypto Crime

Press Releases Crypto News BeInCrypto India to Implement Dark Net Monitor to Thwart Crypto Crime

As India reels from a number of high-profile cases of crypto fraud and theft, including a scam that enlisted a Bollywood star as an influencer, the nation’s government is developing a special digital tool to spot and thwart crypto crime.

The Cryptocurrency Intelligence and Analysis Tool (CIAT) is a pet project of the Ministry of Home Affairs and its Indian Cyber Crime Coordination Center.

India’s Government Seeks to Root Out the Scourge of Cyber Crime

According to a CNBC report, the CIAT will monitor the dark net, a region of the online world that criminals bent on anonymity exploit daily. It will also identify crypto wallet addresses that come into play in dark net transactions. Upon detecting suspicious activity, it will send out alerts.

Moreover, the CIAT will gather records of the transactions in keeps an eye on. Noting down such things as dates, timestamps, addresses, and the nature of the transactions, the report said. Unusually high transaction volumes will be a red flag and will trigger an alert, it added.

Ultimately, the data that CIAT culls will provide the basis for a master database of all known crypto exchanges in the world, and their contact details, the report continued.

A Nation Struggles to Stem Crypto Fraud

CNBC’s report describes the CIAT as a response to the appalling statistics on crypto crime in India. According to these figures, the citizens of India have lost roughly 953 crore, or about $10.2 billion, to crypto scams.

Learn more about the efforts at the highest levels of India’s government to compel action against crypto crime.

What the report leaves out is that many Indians must have reacted bitterly to high-profile scams. These often involve influencers and other celebrities who misled them into making what they thought were safe investments.

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Author: Michael Washburn

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