In an increasingly digitized world, India has been at the forefront when it comes to cryptocurrency adoption. Recently, on September 12, the country ranked at the top of the 2023 Global Cryptocurrency Adoption Index, as announced by renowned blockchain analysis firm, Chainalysis. The country has surpassed giants like Nigeria and Thailand, revealing its growing interest in the crypto market.

However, at the same time as the adoption of cryptocurrencies has grown, fraudulent activities associated with them have also seen an escalation in India. The Indian Ministry of Home Affairs (MHA) did not stand idly by in the face of this situation. In response to the increase in crimes involving cryptocurrencies, the MHA is in the midst of developing a tool specifically aimed at tracking illegal activity on the dark web.

Known as the Cryptocurrency Intelligence and Analysis Tool (CIAT), this innovation will be an extension of the operations of the Indian Cybercrime Coordination Center. The tool has a specific focus: monitoring crypto wallet addresses on the murky and often inscrutable dark web. This will allow the MHA to access detailed records of transactions, including dates, times, platforms used and services provided. More than a simple tracker, CIAT will alert the MHA whenever irregular or atypical activities are detected.

Recently, the country witnessed a software engineer lose more than $120,000 in a cryptocurrency-related scam after being tricked into investing by an online acquaintance. In another incident, in Ujjain, two individuals were arrested in a P2P crypto scam, using fake IDs to deceive users of the Binance P2P platform.

The measures taken by the MHA reflect the seriousness with which India is taking the issue of security in the world of cryptocurrencies. While seeking to consolidate itself as a powerhouse in the crypto market, the country is also determined to protect its citizens against potential threats.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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