Maharashtra: Man loses ₹12 lakh due to cryptocurrency account hack

According to PTI news agency an unknown person allegedly hacked cryptocurrency A 37-year-old man’s account and told about the cost of $15,097 1.2 million.

An official of the Srinagar police station said that the incident took place on November 1, 2022, but the person complained to the police last week. Based on the complaint, the Srinagar police on Saturday registered a case against an unidentified person under Indian Penal Code section 420 (cheating) and provisions of the Information Technology Act.

The victim, a resident of Kandivali in neighboring Mumbai, had come to Thane for some work on November 1 when someone allegedly hacked his crypto account online and withdrew the amount.

Police said that the victim did not give any reason for filing the complaint after two months and the matter is being investigated.

Meanwhile, data from blockchain analytics firm Chainalysis has shown that illicit use of cryptocurrencies is set to hit a record $20.1 billion in 2022 as transactions involving companies targeted by US sanctions skyrocketed.

The cryptocurrency market faltered in 2022 as risk appetite waned and various crypto firms collapsed. Investors were left with big losses and regulators raised calls for more consumer protection.

Chainalysis noted that even though overall crypto transaction volume fell, the value of crypto transactions related to illegal activity increased for a second year.

Chainalysis said transactions involving sanctioned entities are set to increase more than 100,000x in 2022 and make up 44% of last year’s illicit activity.

The volume of stolen crypto funds rose 7% last year, but other illegal crypto transactions, including those related to scams, ransomware, terrorism financing, and human trafficking, saw a decline.

Chainalysis said its $20.1 billion estimate only included activity recorded on the blockchain and did not include “off-chain” crimes such as fraudulent accounting by crypto firms.