India to Implement Dark Net Monitor to Thwart Crypto Crime

India's Ministry of Home Affairs is developing a digital tool, the Cryptocurrency Intelligence and Analysis Tool (CIAT), to monitor the dark net and identify crypto wallet addresses involved in criminal activity. The CIAT will gather transaction records and alert authorities of suspicious activity, aiming to combat the rampant crypto scams in India.

Posted 6 months ago in Security


Image: Illustration of a silhouette figure holding a magnifying glass, representing the concept of monitoring the dark net for crypto crime.

India's Ministry of Home Affairs has taken initiative on the issue of crypto scams, and hopes its new pet project will set things right. The Cryptocurrency Intelligence and Analysis Tool (CIAT) is a pet project of the Ministry of Home Affairs and its Indian Cyber Crime Coordination Center. According to a CNBC report, the CIAT will monitor the dark net, a region of the online world that criminals bent on anonymity exploit daily. It will also identify crypto wallet addresses that come into play in dark net transactions. Upon detecting suspicious activity, it will send out alerts.

Moreover, the CIAT will gather records of the transactions in keeps an eye on. Unusually high transaction volumes will be a red flag and will trigger an alert, it added.

CNBC’s report describes the CIAT as a response to the appalling statistics on crypto crime in India. According to these figures, the citizens of India have lost roughly 953 crore, or about $10.2 billion, to crypto scams.

What the report leaves out is that many Indians must have reacted bitterly to high-profile scams. These often involve influencers and other celebrities who misled them into making what they thought were safe investments. On Monday, a Times of India article noted that police were on the way to question Bollywood star Govinda over his role in a crypto scam. Govinda had lent his talents as an influencer to a marketing campaign by Solar Techno Alliance. He appeared in ads and at an event in Goa in July. Then, in August, police began arresting Solar Techno Alliance executives. The firm’s lavish promotions were, without question, highly successful. They brought in about 30 crore, or more than $320 million, from all over India. The only problem is that Solar Techno Alliance was a Ponzi scheme, according to India’s police. Instead of making legitimate investments, its executives did as they pleased with the money.

India’s government hopes that sophisticated analytics will spot and disrupt crypto scam websites.

Last updated 9/22/2023, 3:10:59 AM

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