The number of crypto scams in India has increased in recent times. A team from IIT-K is developing a tool to verify their authenticity. This tool would be able to assist UP police check and identify fraudulent crypto transactions.
This tool''s name is HOP, and it is planned to be used in the next three months.
According to Sandeep Shukla, a professor and IIT-K, the tool is cheaper than any other foreign equipment. By September, it will be capable of serving the UP police and assist in investigation into cryptocurrency fraud.
For the time being, detailed information about HOP remains awaited, but its conceptulization and introduction of this tool is indicative of India''s focus on monitoring the cryptocurrency sector, respectively.
Crypto fraud in India has increased in recent times. Often, users of the cryptocurrency community are targeted via social media.
In January, fake crypto sites received 9.6 million visits from India, according to reports by Chainalysis.
Many of these malicious websites have been created to unlawfully collect personal information of visitors without their consent or knowledge. Names, emails, and phone numbers are often collected by these malicious websites, exposing them to the dangers of being scammed again.
During the December last year, at least 900 people were identified to have been fraudulently defrauded out of over $161 million (roughly Rs. 1,200 crore) in Kerala, owing to a crypto scam. Victims reportedly were lured into investing in an initial coin offering.
The Indian Securities and Exchange Commission (ED) is currently investigating a major crypto scam that reportedly cost Rs. 2,000 crore. Pankaj Ghode, a cybercrime expert, and former police officer Ravindra Patil have been arrested and are being investigated on charges of manipulating evidences and stealing 1,137 bitcoins while working on the original crypto scam.
