Eric Adams indictment: How campaign finance violations often grow into dramatic scandals 
Shiba Inu's 88.9 Trillion Sell Wall Threatens Price Rally—Can SHIB Break Through? 
Bitcoin Breaks $70,000: Whale Accumulation and ETF Inflows Propel Growth! 
US Hits Russia Crypto Exchanges, Revealing $720M in Ransomware Dirty Money 
China's Manufacturing Rebounds in October Amid New Economic Stimulus 
Pennsylvania House Advances Pro-Crypto Bill, Exempting Digital Assets from Extra Taxes in Landmark Vote 
TD Bank Nears Guilty Plea Over U.S. Money Laundering Allegations 
FxWirePro- Major Crypto levels and bias summary 
Super Micro Computer Under DOJ Investigation Following Hindenburg Allegations, Filing Delays Worry Investors 
China’s Non-Manufacturing Activity Rises in October, Easing Economic Concerns 
1.74B DOGE Moves to Robinhood as Whale Transfers Spark Fear of Dogecoin Sell-Off 
Shiba Inu Gains Robinhood’s Attention: SHIB’s Epic Journey Through the Meme Coin Spotlight 
Elon Musk Confirms SpaceX Will Sue FAA Over Regulatory Overreach and Launch Violations 
Major Banks Report Profit Increases Amid NIM Pressures 
Bearish Engulfing Pattern Signals Caution for BNB/USD: Key Levels to Watch! 
Samsung’s AI-Led Profit Recovery Stumbles as Rivals Seize the Lead in Booming Chip Market 
Australia’s Inflation Eases to 3-Year Low Amid Energy Subsidies and Petrol Price Drop 
India's Ministry of Home Affairs initiated the Cryptocurrency Intelligence and Analysis Tool (CIAT) project to mitigate cryptocurrency-related crimes by offering advanced monitoring, data collection, and alert mechanisms to strengthen law enforcement actions.
Executed by the Indian Cyber Crime Coordination Centre, an MHA establishment dedicated to addressing cybercrime, CIAT will watch the dark net and monitor cryptocurrency wallet addresses engaged in transactions. It will promptly alert authorities of suspicious or irregular crypto activity, enhancing their ability to respond effectively.
CIAT, a versatile tool, will compile comprehensive records of transactions, including addresses, timestamps, dates, exchanges used, and the nature of services rendered. This crucial capability will help establish a robust database encompassing cryptocurrency exchanges worldwide, facilitating communication with them during investigations.
The tool's capabilities go beyond monitoring transactions. CIAT will compile comprehensive records, including addresses, timestamps, dates, exchanges used, and the nature of services rendered, providing valuable insights for law enforcement agencies.
One of CIAT's key features is its ability to send alerts when suspicious behavior or unusually high transaction volumes occur within specific accounts. This prompt response mechanism will enhance authorities' ability to address potential threats swiftly.
Additionally, CIAT will create an extensive database encompassing all known cryptocurrency exchanges worldwide and their contact information. This database will serve as a valuable resource for law enforcement agencies during investigations and enable effective communication with these exchanges when necessary.
The urgency to implement CIAT stems from the significant financial losses incurred through cryptocurrency fraud. Available data shows that cryptocurrency scams have drained an astonishing sum of Rs 953 crore. Furthermore, the Narcotics Control Bureau (NCB) has identified 38 cases in the past three years where cryptocurrency was linked to narcotics-related activities.
With CIAT's development, India's MHA aims to effectively tackle the surge in cryptocurrency-related illegal activities. By harnessing cutting-edge technology, CIAT will be crucial in identifying, monitoring, and preventing fraudulent transactions, ensuring a safer digital landscape.
Photo: Ewan Kennedy/Unsplash
