India’s Response to Crypto Crime Surge: CIAT Tool Unveiled

According to reports, the Indian Ministry of Home Affairs (MHA) is constructing a crypto intelligence tool in response to an increase in illegal activities involving cryptocurrencies in the country.

According to a CNBC report, the MHA seeks to combat crypto-related crime through the Cryptocurrency Intelligence and Analysis Tool (CIAT).

The Indian Cyber Crime Coordination Centre, a division of the MHA devoted to researching and combating cybercrime, is in charge of the initiative. The MHA will monitor crypto wallet addresses on the black web using CIAT.

This will facilitate the compilation of transaction records, including timestamps, dates, used exchanges, and performed services.

According to the report, it will also notify the MHA when it detects irregular or atypical cryptographic activities. According to the report, the initiative is a response to the rise of illegal crypto-related activities in the country.

An Indian software engineer reportedly lost over $120,000 to crypto fraud earlier this month. A woman he met online advised him to invest in a cryptocurrency coin, but he was unable to withdraw his funds after making a deposit.

In July, two suspects were detained in Ujjain, India, for an alleged peer-to-peer (P2P) cryptocurrency scam. The police seized counterfeit bank accounts, ATM cards, and additional documents.

The suspects purportedly used fake identification documents to defraud Binance P2P users. India has witnessed a significant increase in crypto adoption.

On September 12, the blockchain analytics company Chainalysis released the 2023 Global Crypto Adoption Index.

In terms of decentralized finance value received and centralized service value received, the report ranked India first. India is closely followed by Nigeria and Thailand, according to the index.