WazirX received 828 applications from Indian and international law enforcement agencies during the period from April to September

WazirX has received 828 complaint requests from the US Federal Bureau of Investigation (FBI), Interpol, among other international agencies, and Indian law enforcement agencies such as the National Investigation Agency (NIA), Enforcement Directorate (ED), and Central Bureau of Investigation. (CBI), according to the Cryptocurrency Exchange. Requests were received for a total of 10 million transactions during the period from April to September 2022. The exchange held its record of 100 percent compliance rate for all 828 requests from Law Enforcement Agencies (LEA), according to a report by WazirX.

On Monday, the exchange released the third version of the Transparency report. According to the report, only 0.008 percent of all transactions during this period were reported or investigated by law enforcement agencies. Of the 828 inquiries received, 764 were by Indian law enforcement agencies, while 64 were made by foreign agencies.

It said the largest number of applications came from regulators and law enforcement agencies in Maharashtra state. Illegal money transfers, cryptocurrency scams, fraud and counterfeiting were the most common types of crimes reported, which are similar to scams in the traditional financial sector.

More than 700 accounts were banned during this period. The vast majority of them were due to requests from users.

In its ongoing efforts to provide transparency to users and protect their assets, it has launched the third edition of the Transparency Report.

The report highlights the company’s initiatives in raising awareness about Web3, helping law enforcement identify bad actors and implementing a full onboarding process to ensure users’ security.

“We also identified some common trends observed in cryptocurrency scams over this time period that users should be aware of,” she said.

Some Indian and foreign law enforcement agencies WazirX During this period she worked with: National Investigation Agency, Enforcement Directorate, State Cybercrime Cells, Integration of Intelligence and Strategic Operations (IFSO) Delhi, Special Task Force, Narcotics Bureau, Bhopal Police, Crime Branch and CID, Toronto Police Department. , FBI, German Police Agencies, UK Police, Interpol, Dutch Police, Austrian Police, Europol, etc.

“We still have some way to go to prevent security risks in crypto. The level of awareness around crypto needs to extend to misuses as well. Only then can mainstream adoption happen in an environment of trust. We will continue our efforts to educate Indians about cryptocurrencies, and comply with regulators to ensure any issues are addressed.” A form of fraud using virtual digital assets,” Nischal Shetty, CEO and Founder at WazirX.

According to the report, about 40% of scams occur in Ponzi schemes and social engineering scams, 34.7% of impersonation cases, 21.1% of cases in phishing/airdrops and 4.2% in other categories.

According to the report, in a recent case, A.J bitcoin The racket was run from Delhi to CBI notice when the Austrian police were alerted. The scammers posed as officers from Europol and other law enforcement agencies to tell their victims that their identities had been stolen and used in the drug trade. Criminals will target foreign nationals for the same. WazirX’s legal team, with help from Chainalysis, collaborated with the CBI on this case to block the operation. They identified the accounts that were used to carry out this extortion and prevented the withdrawal of assets obtained from criminal proceedings.

In one of the first cases of disproportionate assets involving crypto, WazirX helped the Bhubaneswar Police identify the crypto accounts of an engineer who did not disclose his investments in digital assets. After scrutiny by the team, it was discovered that he had 50 crypto wallets and an investment worth Rs. 2 crores.

In another incident, the legal team assisted the Kolkata Police in arresting criminals who were defrauding people through a mobile gaming platform. In this case, a large amount of money was collected from the public via a platform called e-nuggets. The perpetrators then disabled the withdrawal of funds and also removed all data from the app. WazirX ED helped freeze crypto assets worth Rs 12.83 crore.

A few months back, a group of criminals from Ghaziabad, Uttar Pradesh, created a sophisticated fake commerce app to lure and scam customers out of huge sums of money. WazirX assisted the Ghaziabad Police in real time in identifying the identities that were associated with the perpetrators which led to their arrest.

In Bandra, Mumbai (Maharashtra), the WazirX team helped identify wallets linked to Chinese loan applications that were being used to deceive people through fraudulent transactions. The team worked closely with the law enforcement agency to identify the suspects and block their operations using encryption.

WazirX cooperated with the investigators by providing them with all necessary details, information and documents of the alleged accused companies that used the WazirX platform. After an in-depth internal investigation, WazirX noted that most of the users whose information was requested by ED had already been identified as suspicious by WazirX internally and banned in 2020-2021. Due to the active cooperation provided by WazirX and active Anti-Money Laundering (AML) checks, the suspected users were identified.

WazirX has also modified the procedure for submitting a request to law enforcement. To file a law enforcement application under the relevant provisions of the law, the applicant must be a law enforcement agent or government official authorized to collect evidence in connection with the investigation or make a formal law enforcement application.

They may send an email to [email protected] from the law enforcement agency’s official email ID with a duly approved written request.

WazirX continued its association with TRM Labs, a virtual digital asset compliance platform, to maintain and expand its security efforts. It has also collaborated with Chainalysis, a platform for analyzing blockchain data. WazirX has also teamed up with other industry players in the country to form a new cryptocurrency advocacy group called Bharat Web3 Association (BWA).

WazirX has launched a training course on Blockchain technology to educate individuals. This was in collaboration with Gurukula Kangri at Haridwar, a university considered to be, according to the University Grants Commission (UGC). Since its inception, the course has seen over 20,000 registrations. We have recently awarded the Certificate of Achievement to over 400 individuals. 7.4 percent of them are female. Uttar Pradesh had the highest number of program enrollments (25.4 per cent) among all participating states.