Thiruvananthapuram: In response to the rising number of cryptocurrency-related scams in the state, the Kerala government has decided to establish a Crypto Currency Investigation Centre to tackle frauds more effectively. The centre will be based at the Kochi Cyber Dome, with operational procedures set to be completed shortly.
The need for such a centre arose due to the increasing incidents of online scams where large sums of money are being transferred into cryptocurrency, often as a means to conceal illicit activities. These scams have been linked to fraudulent trading apps that lure people into making stock market transactions, only for them to lose substantial amounts of money.
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The investigation centre will be supported by a team of cyber experts who will focus on tracking cryptocurrency transactions, which are often difficult to trace due to the anonymous nature of digital currencies. As the cryptocurrency addresses are not directly linked to identifiable individuals, investigations into these cases often face challenges, making it difficult for law enforcement to find concrete leads.
Moreover, the encryption technology that underpins cryptocurrencies presents another significant barrier to investigation, making it hard for authorities to access transaction details. Adding to the complexity are international connections that further hinder the investigation process, according to officials.
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To enhance the investigation capabilities, the Cyber Dome will collaborate with private cyber experts and leverage their technical expertise in order to crack down on these cyber crimes effectively. This move aims to bolster the state’s efforts to address the growing concerns related to digital fraud and cryptocurrency misuse.
Authorities have expressed hope that the new centre will provide a more efficient framework for handling these sophisticated online crimes and reduce the financial damage caused to citizens.