Industry experts, SC lawyers tell News18 what India needs



Cryptojacking is the process of mining cryptocurrency using someone else’s computer, smartphone, or other electronic devices. This is often accomplished through unauthorized access to the host’s computer, using its resources to mine cryptocurrency without the host’s knowledge and such cases are reportedly increasing worldwide.

Cybersecurity firm SonicWall recently released a report stating that the number of “crypto” cases across the financial sector rose 269% in the first half of 2022.

It’s worth noting that this usually happens when the victim inadvertently installs a program containing malicious scripts that allows cybercriminals to gain access to their computers or other devices connected to the Internet, such as by clicking on an unfamiliar link in an email or visiting an infected website. . .

According to the findings of INTERPOL, programs called “coin miners” are used by cybercriminals to create or “mine” cryptocurrency.

Cryptojacking is difficult to detect, and most victims are unaware that their computer has been hacked. But there are some indications that could point to a person being a victim of such a crime.

here they are:

• A noticeable decrease in the performance of the device.

• Battery overheating on devices.

• Devices that stop working due to lack of processing power.

• A decrease in the productivity of your device or router.

• Unexpected increases in electricity costs.

cryptojacking and india

There is no doubt that along with the popularity of cryptocurrency in India, several issues including “cryptojacking”, also called crypto-mining attacks, are raising concerns.

For example, the 2019 Security Endpoint Threat Report from tech giant Microsoft stated that crypto-mining malware attacks are affecting web users in India an average of 4.6 times greater than the regional and global average.

In the Asia Pacific region, India has the second highest number of bitcoin mining attacks, after only Sri Lanka, according to the report.

Given the threats that accompanies the popularity of cryptocurrency, the Reserve Bank of India (RBI) has on several occasions expressed concern about these virtual currencies, which are highly speculative assets. Even Reserve Bank of India Governor Shaktikanta Das described cryptocurrencies as a “clear danger.”

News18 reached out to some crypto industry experts to understand their view of such crimes and what they think about the idea of ​​banning cryptocurrencies in India.

In response, Vineet Bodke, Managing Partner and CEO of Cypher Capital, said: “There are always security issues with any new technology. This does not justify a complete ban.”

He believes that investing in companies or projects that work on finding solutions to these problems is the greatest approach to overcoming such challenges.

“Security and security infrastructure has been a focus area for us at Cypher Capital and we have recently invested in a company that is trying to solve security problems with NFTs through analytics. Smart people are working on the crypto problem at this very moment.”

Another industry expert, Vikram R Singh, founder and CEO of Antier, stated that the problem is not the existence of virtual currency, but the occurrence of cryptocurrency scams and other related scams.

“Restricting these currencies may seem to eliminate the underlying problem, but it will put an end to the seemingly limitless market for virtual currency,” he said.

Singh believes that such problems can be reduced through increased awareness and regulation at all levels.

According to him, companies can protect against such risks by implementing security measures and maintaining blockchain records, as well as to avoid data leakage, users can enable two-factor authentication on all wallets.

“Such measures with a combination of government structuring will reduce the risk of cybercrime involving virtual currencies,” Singh said.

However, regarding cryptojacking, News18 also spoke to Dr. Pavan Dougala supreme court attorney and well-known cyber expert.

He believes that India needs to put in place effective legal frameworks to deal with such types of emerging cybercrime.

Indian information technology The 2000 Act in its current form is not appropriate to deal with such newly emerging crimes as cryptojacking. “Even the Indian Penal Code, 1860, is not fully applicable in the context of crypto operations,” said Dr Dougal, who is also the chair of the International Commission on Cybersecurity Law.

While speaking to News18, he said that these newly emerging cyber crimes, particularly those referred to as artificial intelligence crimes, should be explicitly listed and covered under the provisions of the Information Technology Act 2000. He suggested that these crimes should be punished with harsh imprisonment, as well as penalties It must be applied effectively.

Additionally, Dr Dougal said: “India needs to create more capacity building among law enforcement agencies to come up with the latest tools to deal with newly emerging crimes like cryptojacking and awareness that needs to be created among crypto stakeholders who need to be on the lookout for Familiar with it. Cryptocrime and Cryptojacking and the exercise of due diligence.”

According to him, stakeholders in the cryptocurrency ecosystem must also be made aware of the latest technologies to detect, investigate and prosecute such new and growing crimes.

Furthermore, he suggested: “There should be adequate training at the level of the judiciary, including judicial personnel from lower courts down to the Supreme Court and even other court officers such as readers, to make the entire judiciary aware of these newly emerging crimes such as cryptojacking.”

Dr Dougal stated that “the overall contribution of all stakeholders must be critical going forward”.

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