India’s Ministry of Home Affairs has launched the Cryptocurrency Intelligence and Analysis Tool (CIAT) to combat the rising incidence of cryptocurrency scams.
The tool scans the dark web and targets cryptocurrency wallet addresses associated with suspicious activity. Additionally, it provides comprehensive transaction records, capturing details such as addresses, timestamps, dates, and the specific nature of the service.
CIAT also has a proactive alerting system that will send out alerts as soon as there are signs of suspicious crypto activity, such as when certain accounts exhibit suspicious behavior patterns or have unusually high transaction volumes.