An Indian start-up has developed a cutting-edge software designed to assist law enforcement in tracking suspected cryptocurrency wallets involved in crimes such as money laundering, drug trafficking, and terror financing. The software also includes surveillance capabilities for monitoring the dark web to identify wallets linked to illicit activities.
The company behind this innovation, Hornet, is a forensic data analysis firm that specializes in tracking crypto-related crimes. Founded in 2023, with offices in Hyderabad and Kolkata, Hornet has partnered with the Telangana Police and the Enforcement Directorate to aid in their efforts to combat financial crimes involving cryptocurrencies.
Hornet’s software employs an advanced algorithm to trace flagged crypto wallets from the point of entry on major cryptocurrency exchanges. This allows the tracking of private wallet addresses once they interact with entity-linked wallets. While private wallets can be challenging to trace directly, the software can track transactions as they interface with exchanges or peer-to-peer platforms, linking them to real-world entities through bank Know Your Customer (KYC) data.
Shreyan Gupta, co-founder of Hornet, explained to The Times of India: “For investment fraud, we trace transactions forward to follow the money trail. In cases of terror financing or drug smuggling, we trace transactions backward.”
This development comes amid growing concerns about India’s standing in technological sectors, particularly when compared to China’s advancements in tech, artificial intelligence, and smart solutions. Hornet’s innovation signals a significant step forward in strengthening India’s capabilities in digital forensics and crypto crime prevention.
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