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India's Interior Ministry has announced the creation of a tool to analyze suspicious cryptocurrency transactions in order to fight digital asset crime more effectively.
The project is led by the Indian Cybercrime Investigation Coordination Center, a division of the Ministry of Internal Affairs. With the help of a tool called "CIAT", law enforcement officers are going to track cryptocurrency addresses on the darknet. This should make it easier to collect transaction records, including timestamps, dates, exchanges used, and information about services rendered. The developers claim that CIAT will inform the Ministry of Internal Affairs in case of detection of suspicious transactions with cryptocurrencies.
The initiative was organized in connection with an increase in the number of cases of cryptocurrency fraud. Police said that in September, there was a case when an Indian software engineer lost more than $ 120,000. He met a certain woman on the Internet, who advised him to invest money in cryptocurrency, but after making a deposit, he could not withdraw the invested funds.
The project is led by the Indian Cybercrime Investigation Coordination Center, a division of the Ministry of Internal Affairs. With the help of a tool called "CIAT", law enforcement officers are going to track cryptocurrency addresses on the darknet. This should make it easier to collect transaction records, including timestamps, dates, exchanges used, and information about services rendered. The developers claim that CIAT will inform the Ministry of Internal Affairs in case of detection of suspicious transactions with cryptocurrencies.
The initiative was organized in connection with an increase in the number of cases of cryptocurrency fraud. Police said that in September, there was a case when an Indian software engineer lost more than $ 120,000. He met a certain woman on the Internet, who advised him to invest money in cryptocurrency, but after making a deposit, he could not withdraw the invested funds.
