Cybercrime Probes Focus on Crypto Transactions

Data shows 2,500% rise in crypto-related forensic cases in 4 years

- Mukesh Ranjan @New Delhi

In a move to strengthen investigations into cases relating to cybercrime, the Union Ministry of Home Affairs (MHA) has decided to ramp up its efforts to track increasing cryptocurrency transactions, particularly since 2020, as an analysis of the data available with the agencies revealed that criminals are directly or indirectly using the digital currencies to launder and take away ill-gotten funds, sources said on Sunday.

The sources said the government had directed a random forensic analysis of virtual wallets and crypto transactions and the same revealed a massive increase, which have now become crucial to track activities like money laundering, fraud, and ransomware payments.