An Indian start-up, ‘Hornet,’ has developed innovative software to assist law enforcement agencies in tracking cryptocurrency wallets suspected of being involved in illegal activities such as money laundering, drug trafficking, and terror financing. The software also monitors the dark web, keeping tabs on crypto wallets engaged in suspicious transactions.
Founded in 2023 and headquartered in Hyderabad and Kolkata, Hornet specializes in forensic data analysis for crypto-related crimes. The start-up has partnered with the Telangana Police and the Enforcement Directorate to deploy this cutting-edge technology. The software’s algorithm enables tracking of flagged crypto wallets from their origin on popular cryptocurrency exchanges, allowing authorities to identify and monitor private wallet addresses connected to suspicious activity.
Co-founder Shreyan Gupta explained to The Times of India that while private wallets can be difficult to trace, the system can follow transactions when they interact with exchanges or peer-to-peer (P2P) platforms. This enables authorities to link digital wallets to real-world entities through banking KYC (Know Your Customer) data. For investment frauds, the system traces the money trail forward, while for cases like terror financing or drug smuggling, it works backward to uncover the source of funds.
Hornet’s breakthrough comes amid a growing debate about India’s lag in tech, AI, and smart solutions compared to countries like China. However, this development highlights India’s potential in leading innovations that could revolutionize the enforcement of digital crime prevention.
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