July 16, 2024
India's innovative Cryptocurrency Intelligence and Analysis Tool (CIAT)
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CIAT: India’s Weapon Against Surging Crypto-Related Illicit Activities

The Indian Ministry of Home Affairs (MHA) is reportedly crafting a cryptocurrency intelligence tool as a response to the surge in illicit activities involving cryptocurrencies within the nation.

As per a CNBC report, the MHA’s objective is to counter crypto-related criminal activities through the implementation of the Cryptocurrency Intelligence and Analysis Tool (CIAT). This initiative is being led by a division of the MHA known as the Indian Cyber Crime Coordination Centre, which is dedicated to investigating and addressing cybercrimes.

Using CIAT, the MHA will actively track cryptocurrency wallet addresses located on the dark web. This will facilitate the aggregation of transaction records, encompassing details such as timestamps, dates, utilized exchanges, and the nature of services performed. Additionally, the report specifies that CIAT will promptly notify the MHA of any suspicious or anomalous cryptocurrency activities it identifies.

The report underscores that this project is a direct response to the escalation of illegal cryptocurrency-related activities occurring within the country. Just earlier this month, an Indian software engineer allegedly fell victim to a crypto scam, losing an estimated $120,000. The engineer was advised by an individual he met online to invest in a cryptocurrency, only to find himself unable to withdraw his deposited funds. Furthermore, in July, two individuals were arrested in Ujjain, India, in connection with an alleged peer-to-peer (P2P) crypto scam. The police confiscated counterfeit bank accounts, ATM cards, and related documents. The suspects purportedly utilized forged IDs to defraud Binance P2P users.

It’s worth noting that cryptocurrency adoption has experienced a significant upswing in India. As of September 12, the nation ranked first in the 2023 Global Crypto Adoption Index released by blockchain analytics firm Chainalysis. The report indicated that India led in terms of decentralized finance value received and centralized service value received, with Nigeria and Thailand closely following suit, according to the index.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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