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India to create dark net monitoring tool to fight crypto fraud.

India’s Ministry of Home Affairs (MHA) is taking action to address the surge in illicit cryptocurrency activities within the country.

In response, the MHA is reportedly developing a specialized tool called the Cryptocurrency Intelligence and Analysis Tool (CIAT).

The project is being led by the Indian Cyber Crime Coordination Centre, a division of the MHA dedicated to investigating and combating cybercrime.

CIAT will enable the MHA to monitor crypto wallet addresses on the dark net, facilitating the compilation of comprehensive transaction records that include timestamps, dates, exchanges used, and types of services conducted.

The tool will also alert the MHA to any suspicious or anomalous crypto activities.

The initiative is a direct response to the growing prevalence of unlawful crypto-related incidents in India.

For instance, a recent case involved an Indian software engineer who fell victim to a crypto scam, losing over $120,000 after following investment advice from an individual he met online.

Similarly, in July, two suspects were apprehended for an alleged peer-to-peer (P2P) crypto scam in Ujjain, India, during which fake bank accounts, ATM cards, and counterfeit IDs were seized.

The MHA’s efforts, including the development of CIAT, aim to address and mitigate the risks associated with crypto-related fraud and illegal activities within India’s cryptocurrency ecosystem.

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

India has witnessed a notable surge in crypto adoption, as indicated by the recently released 2023 Global Crypto Adoption Index by Chainalysis, a blockchain analytics firm.

The index, published on September 12, revealed that India secured the top spot in terms of decentralized finance value received and centralized service value received.

Following closely behind India in the rankings are Nigeria and Thailand, showcasing their growing involvement in the crypto space.

This data highlights India’s increasing prominence as a major player in the global crypto landscape.

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