IIT Kanpur devices a tool HOP to detect crypto frauds.
Picture Credits: India Today

IIT Kanpur invents “HOP,” to detect cryptocurrency related frauds

Crypto crimes everywhere around the world.

Crypto crimes on the rise
Picture Credits: Bitcoinist

As we know, cryptocurrency has opened wide opportunities for investment and development of the economy, sadly, the opportunities for cybercrime in crypto sphere has increased rapidly due to the use of web technology. Crypto related crimes are on the rise having a direct and negative effect on the crypto market. US, being one of the major players of crypto has also formed SEC and CFTC to regulate the market and drive the market into an ethical direction. The vision of these statutory bodies is to cut down the crypto related crimes by enacting stringent rules and regulations for investors and strict punishments for the guilty.

Not only in US, but crypto crimes are rising everywhere around the world. India has also seen a rise in the occurrences of crypto crimes off late. The fraudulent activities are consistently spreading through out the market and posses the danger of eradicating the whole crypto ecosystem from the country. To curb such instances, Indian government has not yet launched or planned of forming a statutory body specifically formed for cryptocurrencies. But, Indian Institute of Technology Kanpur has formed a device which will be tracking the fraudulent activities in crypto transactions.


“HOP” a device invented by IIT K

The tool HOP is a device developed by IIT K which has the capacity to track down or detect fraud crypto transactions. The tool is touted to be cheaper than any such tool designed outside India. It will be used by Uttar Pradesh Police first in the country to track the crypto transactions.

According to a report, last year, around 9.6 million Indian Internet users visited crypto scam websites. A statement from ADG, Cybercrime, Subhash Chandra emphasized on the need to curb cyber-crime in the country. He also emphasized on the need for cybercrime awareness programs. It was also found out that last year, they have taken action against 37,000 accounts, banks and cards and also recovered Rs. 9.5 crore in a year.


The tool’s entry in crypto market.

The professor of the college Sandeep Shukla said that the tool will be the cheapest option in the market to use the technology to track cryptocurrency transactions. He claimed that the tool will be ready to serve the UP police and help in investigations of cryptocurrency frauds from September.

If the tool gives the expected results without many errors and hindrances, then surely this will a revolutionary invention for crypto sphere. The ability to track cryptocurrency transactions successfully and to detect fraud among them at a cost which is cheaper in comparison to other tools is really fascinating to read about. Crypto market surely hopes that the attempt by IIT K gives fruitful results.