IIT Kanpur Develops Tool To Detect Crypto Fraud Transactions

An indigenously developed tool from Indian Institute of Technology, Kanpur (IIT-K) can detect fraud cryptocurrency transactions. The tool will be first used by Uttar Pradesh police to crack cases involving cryptocurrency incidents.

While cryptocurrency remains a thing of fascination across the country despite the deep reds in the market, fraud transactions in conjunction with crypto have only increased over last few years. Last year, 9.6 million Indian internet users visited crypto scam websites.

The tool ‘HOP’ developed by IIT-K can analyse crypto transactions and is touted to be cheaper than any such tool designed outside India. It will be ready to serve the UP police by September, according to Professor Sandeep Shukla from IIT-Kanpur.