India Takes Action Against Crypto Crime with New Intelligence Tool

The Indian Ministry of Home Affairs is taking action against crypto-related crimes with a new tool

The Cryptocurrency Intelligence and Analysis Tool (CIAT) is the MHA's response to the growing illegal activities involving cryptocurrencies in India

CIAT, led by the Indian Cyber Crime Coordination Centre, will monitor crypto wallet addresses in the dark net, compile transaction records, and detect irregular activities

As crypto adoption rises in India, so do crypto-related scams and frauds. This tool aims to combat such criminal activities

A recent case involved an Indian software engineer losing over $120,000 to a crypto fraud scheme, highlighting the need for better security measures

In July, Indian authorities arrested suspects involved in a peer-to-peer crypto scam, seizing fake bank accounts and IDs