India Develops A Tool To Monitor The Darknet For Crypto Fraud
The Indian government has found an unusual approach to fighting crypto fraud, aiming directly at the dark net abyss. The Indian Ministry of Home Affairs is developing a tool that will alert them of every illegal cryptocurrency activity. In this way, the country is fighting the increased illegal activities with cryptocurrency.
At the moment, India has legislation for the industry that is not quite fair according to crypto enthusiasts. The country has introduced the highest tax of 30% on cryptocurrency to date. As it turned out, the strict regulation did not protect investors from fraud, as the country has recently seen an increase in illegal activities with cryptocurrency.
The Indian Ministry of Home Affairs will use the Cryptocurrency Intelligence and Analysis Tool (CIAT) to monitor the dark net. The development will be led by the Indian Home Ministry's cybercrime unit. CIAT will monitor crypto addresses on the dark net, helping the MHA compile transaction records, including timestamps, dates, exchanges and services used, and reporting unusual activity.
With the growing popularity of cryptocurrencies in India, crypto fraud is also gaining new momentum. In July, suspects in a P2P crypto fraud case were arrested. They used fake documents to defraud Binance users. And last month, an Indian developer lost $120,000 after investing in cryptocurrencies on the advice of a scammer.
