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IIT Kanpur’s Tool Will Help Police To Catch Crypto Scams

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HIGHLIGHTS :

  • The tool could be ready for use in the next three months
  • Last year, there were about 96 lakh visits from the country on fake crypto websites.
  • Cases of crypto-related scams are on the rise in the country.

Last year, there were about 96 lakh visits from the country on fake crypto websites. Many of these websites have been created to collect the details of the visitors without their consent or knowledge.

The tool could be ready for use in the next three months

With the increase in the number of people trading in cryptocurrencies over the past few years, scams related to this segment have also increased. The Indian Institute of Technology (IIT), Kanpur is developing a tool to help the police catch crypto scammers. With this, crypto transactions can be analyzed and checked for their correctness.

This tool will help the police of Uttar Pradesh to identify fake crypto transactions. It is being called ‘HOP’ and it could be ready for use in the next three months. “The tool is cheaper than any foreign equipment. By September this tool will be ready to help the police investigate cases of cryptocurrency frauds,” said Sandeep Shukla, Professor at IIT, Kanpur. Not much information has been found about HOP. Cases of crypto-related scams are on the rise in the country. People trading in crypto is often targeted through social media.

Last year, there were about 96 lakh visits from the country on fake crypto websites.

According to a report by Chainalysis, there were around 96 lakh visits from the country to fake crypto websites last year. Many of these websites have been created to collect the details of the visitors without their consent or knowledge. Due to this, there is a risk of getting scammed again by these people. In December last year, at least 900 people have defrauded to the tune of Rs 1,200 crore in Kerala. These people were lured into investing in an initial coin offering.

Cases of crypto-related scams are on the rise in the country

In another multi-crore crypto scam in Pune, Maharashtra, the police have filed a charge sheet in the court against a former IPS officer and a cyber expert. The police arrested former IPS officer Ravindra Patil and a cyber expert in March. Both of them helped the police in investigating cases of cryptocurrency-related fraud. Police said that both of them had cheated the police by transferring crores of rupees from digital wallets to their accounts in a fraudulent manner. The duo was tasked with detecting a major scam that promised a monthly return of 10 percent on investment in bitcoin. Senior officials investigated the matter.

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