Maharashtra: Man loses ₹12 lakh as cryptocurrency account hacked

As per the PTI information company reported an unidentified individual allegedly hacked the cryptocurrency account of a 37-year-old man and siphoned off $15,097, value about ₹12 lakh.

The incident took on November 1, 2022, however the man complained to the police final week, an official from Srinagar police station stated. Primarily based on the grievance, the Srinagar police right here registered a case on Saturday in opposition to an unidentified individual beneath Indian Penal Code Part 420 (dishonest) and provisions of the Info Know-how Act.

The sufferer, a resident of Kandivali in neighbouring Mumbai, had come to Thane for some work on November 1 when somebody allegedly hacked his crypto account on-line and siphoned off the quantity.

The sufferer didn’t give any motive for registering the grievance after two months, the police stated, including they had been conducting a probe into the case.

In the meantime, information from blockchain analytics agency Chainalysis confirmed that illicit use of cryptocurrencies hit a file $20.1 billion in 2022 as transactions involving corporations focused by US sanctions skyrocketed.

The cryptocurrency market floundered in 2022, as threat urge for food diminished and varied crypto corporations collapsed. Buyers had been left with giant losses and regulators stepped up requires extra client safety.

At the same time as general crypto transaction volumes fell, the worth of crypto transactions associated to illicit exercise rose for the second 12 months working, Chainalysis stated.

Transactions related to sanctioned entities elevated greater than 100,000-fold in 2022 and made up 44% of final 12 months’s illicit exercise, Chainalysis stated.

The quantity of stolen crypto funds rose 7% final 12 months, however different illicit crypto transactions together with these associated to scams, ransomware, terrorism financing and human trafficking, noticed volumes fall.

Chainalysis stated its $20.1 billion estimate solely consists of exercise recorded on blockchain and excludes “off-chain” crimes resembling fraudulent accounting by crypto corporations.