‘Cryptocurrency, Dark Web probes major challenge for police’

Investigations relating to cryptocurrency transactions and frauds are a major challenge for the police and other law enforcement agencies as there is no regulatory authority overseeing or maintaining cryptocurrencies, said cyber-crime experts. They had gathered for a day-long workshop on ‘Cyber Crime se Azadi’ (freedom from cyber-crime) at the police headquarters, in Lucknow, on Wednesday.

The experts said cryptocurrency is an encrypted data string that denotes a unit of currency and this digital currency is designed to work as a medium of exchange through a computer network. Focusing on key points related to its investigation, professor Sandeep Shukla from Indian Institute of Technology (IIT) Kanpur demonstrated an indigenous tool developed by the IIT which can analyse cryptocurrency transactions, in Bitcoin and Etherium (two different types of crypto currencies).

Referring to a recent ₹4,200 crore cryptocurrency scam, prof Shukla said this kind of analysis is very important for new-age policing as more and more people are now investing in cryptocurrency.