Crypto-currency is often indicted as a conduit for money laundering of illicit money generated by drug trafficking, illegal weapons sale, and critical financial crimes. Another avenue that is serving as a perfect tool for criminals for drug trafficking and gun trafficking is the Dark Web. Both cryptoassets and Dark Web pose a major challenge for police and crime enforcement authorities.
Hi-Tech frauds related to cryptocurrency transactions have become a challenge for law enforcement authorities. One of the biggest lacunae in following up on these cases is that no regulatory authority is keeping an eye on crypto-currencies. Cyber-crime experts have gathered for a one-day workshop on ‘Cyber Crime se Azadi’ to deliberate on all these facts.
(IIT) Kanpur Perfects Software Which Will Analyze Crypto Transactions
Cyber Crime experts define cryptocurrency as an encrypted data string representing a particular type of currency, and the transactions of this currency occur via a computer network. Sandeep Shukla from the Indian Institute of Technology (IIT) Kanpur revealed that they had perfected software that will analyze crypto-currency transactions in Bitcoin and Etherium (two different types of crypto assets). The software will be ready by October and will be available to the Police forces nationwide. Prof Shukla pointed out the recent ₹4,200 crore cryptocurrency scam as a prime example, and new technology is very important for new-age policing as more and more people are now investing in cryptocurrency.
Crypto, Dark Web Anonymity Makes It A Perfect Tool For Criminals
The Dark Web is another cause of worry for law enforcement officers. Cyber expert Dheeraj Gaur explained that Dark Web is a collection of internet sites that can be accessed only by a specialized web browser. It offers anonymity and cannot be accessed by anyone, thus making it a suitable tool for criminals. Recently a multicrore betting syndicate was unearthed, which made use of ark Web to perfection to carry out betting activities. It can be used with impunity by criminals for drug trafficking, gun trafficking, and critical financial crimes.