With the widespread growth of blockchain and cryptocurrencies around the world, it has become one of the biggest targets of cybercriminals and hackers for the past few years. Such acts have effectively diminished the trust towards the technology and caused companies and
This fraudulent act is what the Indian authorities would like to focus on in their cybercrime lab. India launched a dedicated department that will investigate and resolve cybercrime cases against cryptocurrencies, says The Hindu.
India’s Union Home Minister, Rajnath Singh, inaugurated the cyber forensic lab and Cyber Protection Awareness and Detection Centre (CyPAD) as part of the efforts of India to step up the fight against Internet-based criminals, which will be operated by Delhi police forces.
The lab includes a particular unit focused on cryptocurrencies, after years of problems caused by scammers and hackers using the emerging technology to commit a crime and exploit people.
“We are now equipped with technology to recover data from damaged hard disks, cryptocurrency analysis, malware forensic and data can be retrieved from 33,000 kinds of mobile models available in the market,” the Hindu quotes Delhi Police Commissioner Amulya Patnaik said in an interview.
The inauguration comes as India aims to make small steps toward separating criminal activities from legitimate usage of cryptocurrency.
The police have had several complaints against scammers who use cryptocurrency in their operations, but legitimate crypto businesses have criticized the position India’s central bank has adopted as it does not help facilitate a safe environment for them.
Recently, the Cointelegraph reported that the Reserve Bank of India banned banks from serving crypto businesses since July last year. This policy has since been a challenge in the country’s highest courts.
In the other side of the world, significant crimes have been committed against crypto companies and businesses that use crypto and blockchain technology including the Mt. Gox debacle of 2014 and the theft of nearly $500 million in digital tokens from Coincheck Inc. last January.
Earlier this month, a government-commissioned study has suggested that Dehli was concerned about the potential impacts of cryptocurrency on the stability of Indian rupee. /apr