Kerala police set to acquire tool to tackle illegal crypto deals
THIRUVANANTHAPURAM: The cyber-investigation division of the state police is set to acquire a blockchain-analysis tool to monitor cryptocurrency transactions and flag illegal activities.
The Rs 45 lakh tool, developed by an Israeli firm, will be installed at the Cyberdome Lab in Kochi by mid-December, sources said. With India leading the way in global crypto adoption, Kerala has also seen a rise in cryptocurrency use. While most users are legitimate, concerns have grown over the use of virtual assets for illicit activities such as money laundering, drug trafficking and terrorism.
The state police hitherto lacked specialised tools and depended on open-source resources to analyse questionable transactions. With open-source tools, sleuths could only conduct a linear analysis of transactions. The chain-analysis tool will provide a panoramic view of transactions, which will help officers lock in on suspicious dealings.
