India Uncovers ₹226 Crore Crypto Network Tied to Illicit Activities

India's financial regulatory bodies have made a significant breakthrough in their efforts to combat illicit activities within the cryptocurrency space.

A massive ₹226 crore network has been uncovered, with authorities alleging connections to drug trafficking, money laundering, and terror financing. The network's reliance on Monero, a privacy-focused digital asset, has raised concerns among regulators worldwide.

According to reports, investigators from Gujarat Cyber are leading the case, having successfully traced multiple suspicious wallets tied to both Indian and international entities. These findings have shed light on the network's use of dark web marketplaces and cross-border hawala networks to facilitate illicit transactions.