India's Pursuit for Regulatory Control in the Crypto Landscape
Introduction
In the labyrinthine world of digital currencies, a new chapter unfolds as India intensifies its scrutiny over the ethereal realm of offshore cryptocurrency exchanges. With nuance and determination that virtually mirrors the Byzantine complexities of the very currencies they seek to regulate, Indian authorities embark on a course of stringent oversight, bringing to the fore an ever-evolving narrative of control and compliance in the fintech sector. The government's latest manoeuvre—a directive to Apple Inc. to excise the apps of certain platforms, including the colossus Binance, from its App Store in India—signals a crescendo in the nation's efforts to rein in the unbridled digital bazaar that had hitherto thrived in a semi-autonomous expanse of cyberspace.
The directive, with ramifications as significant and intricate as the cryptographic algorithms that underpin the blockchain, stems from the Ministry of Electronics and Information Technology, which has cast eight exchanges, including Bitfinex, HTX, and Kucoin, into the shadows, rendering their apps as elusive as the Higgs boson in the vast App Store universe. The movement of these exchanges from visibility to obscurity in the digital storefront is cloaked in secrecy, with sources privy to this development remaining cloaked in anonymity, their identities as guarded as the cryptographic keys that secure blockchain transactions.
The Contention
This escalation, however, did not manifest from the vacuum of the ether; it is the culmination of a series of precipitating actions that began unfolding on December 28th, when the Indian authorities unfurled a net over nine exchanges, ensnaring them with suspicions of malfeasance. The spectre of inaccessible funds, a byproduct of this entanglement, has since haunted Indian crypto traders, prompting a migration of deposits to local exchanges that operate within the nation's regulatory framework—a fortress against the uncertainties of the offshore crypto tempest.
The extent of the authorities' reach manifests further, beckoning Alphabet Inc.'s Google to follow in Apple's footsteps. Yet, in a display of the unpredictable nature of enforcement, the Google Play Store in India still played host to the very apps that Apple's digital Eden had forsaken as of a nondescript Wednesday afternoon, marked by the relentless march of time. The triad of power-brokers—Apple, Google, and India's technology ministry—has maintained a stance as enigmatic as the Sphinx, their communications as impenetrable as the vaults that secure the nation's precious monetary reserves.
Compounding the tightening of this digital noose, the Financial Intelligence Unit of India, a sentinel ever vigilant at the gates of financial propriety, unfurled a compliance show-cause notice to the nine offshore platforms, an ultimatum demanding they justify their elusive presence in Indian cyberspace. The FIU's decree echoed with clarity amidst the cacophony of regulatory overtures: these digital entities were tethered to operations sequestered in the shadows, skirting the reach of India's anti-money laundering edicts, their websites lingering in cyberspace like forbidden fruit, tantalisingly within reach yet potentially laced with the cyanide of non-compliance.
In this chaotic tableau of constraint and control, a glimmer of presence remains—only Bitstamp has managed to brave the regulatory storm, maintaining its presence on the Indian App Store, a lone beacon amid the turbulent sea of regimentation. Kraken, another leviathan of crypto depths, presented only its Pro version to the Indian connoisseurs of the digital marketplace. An aura of silence envelops industry giants such as Binance, Bitfinex, and KuCoin, their absence forming a void as profound as the dark side of the moon in the consciousness of Indian users. HTX, formerly known as Huobi, has announced a departure from Indian operations with the detached finality of a distant celestial body, cold and indifferent to the gravitational pull of India's regulatory orbit.
Compliances
In compliance with the provisions of the Money Laundering Act (PMLA) 2002 and the recent uproar on crypto assessment apps, Apple store finally removed these apps namely Binance and Kucoin from the store after receiving show cause notice. The alleged illegal operation and failure to comply with existing money laundering laws are major reasons for their removal.
The Indian Narrative
The overarching narrative of India's embrace of rigid oversight aligns with a broader global paradigm shift, where digital financial assets are increasingly subjected to the same degree of scrutiny as their physical analogues. The persistence in imposing anti-money laundering provisions upon the crypto sector reflects this shift, with India positioning its regulatory lens in alignment with the stars of international accountability. The preceding year bore witness to seismic shifts as Indian authorities imposed a tax upon crypto transactions, a move that precipitated a downfall in trading volumes, reminiscent of Icarus's fateful flight—hubris personified as his waxen appendages succumbed to the unrelenting kiss of the sun.
On a local scale, trading powerhouses lament the imposition of a 1% levy, colloquially known as Tax Deducted at Source. This fiscal shackle drove an exodus of Indian crypto traders into the waiting, seemingly benevolent arms of offshore financial Edens, absolved of such taxational rites. As Sumit Gupta, CEO of CoinDCX, recounted, this fiscal migration witnessed the haemorrhaging of revenue. His estimation that a staggering 95% of trading volume abandoned local shores for the tranquil harbours of offshore havens punctuates the magnitude of this phenomenon.
Conclusion
Ultimately, the story of India's proactive clampdown on offshore crypto exchanges resembles a meticulously woven tapestry of regulatory ardour, financial prudence, and the inexorable progression towards a future where digital incarnations mirror the scrutinised tangibility of physical assets. It is a saga delineating a nation's valiant navigation through the tempestuous, cryptic waters of cryptocurrency, helming its ship with unwavering determination, with eyes keenly trained on the farthest reaches of the horizon. Here, amidst the fusion of digital and corporeal realms, India charts its destiny, setting its sails towards an inextricably linked future that promises to shape the contour of the global financial landscape.
References
- https://www.business-standard.com/markets/cryptocurrency/govt-escalates-clampdown-on-offshore-crypto-venues-like-binance-report-124011000586_1.html
- https://www.cnbctv18.com/technology/india-escalates-clampdown-on-offshore-crypto-exchanges-like-binance-18763111.htm
- https://economictimes.indiatimes.com/tech/technology/centre-blocks-web-platforms-of-offshore-crypto-apps-binance-kucoin-and-others/articleshow/106783697.cms?from=mdr
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Introduction
The information of hundreds of thousands of Indians who received the COVID vaccine was Leaked in a significant data breach and posted on a Telegram channel. Numerous reports claim that sensitive information, including a person’s phone number, gender, ID card details, and date of birth, leaked over Telegram. It could be obtained by typing a person’s name into a Telegram bot.
What really happened?
The records pertaining to the mobile number registered in the CoWin portal are accessible on the Malayalam news website channel. It is also feasible to determine which vaccination was given and where it was given.
According to The Report, the list of individuals whose data was exposed includes BJP Tamil Nadu president K Annamalai, Congress MP Karti Chidambaram, and former BJP union minister for health Harsh Vardhan. Telangana’s minister of information and communication technology, Kalvakuntla Taraka Rama Rao, is also on the list.
MEITY stated in response to the data leak, “It is old data, we are still confirming it. We have requested a report on the matter.
After the media Report, the bot was disabled, but experts said the incident raised severe issues because the information might be used for identity theft, phishing emails, con games, and extortion calls. The Indian Computer Emergency Response Team (CERT-In), the government’s nodal body, has opened an investigation into the situation
The central government declared the data breach reports regarding the repository of beneficiaries against Covid to be “mischievous in nature” on Monday and claimed the ‘bot’ that purportedly accessed the confidential data was not directly accessing the CoWIN database.
According to the first complaint by CERT-In, the government’s cybersecurity division, the government claimed the bot might be displaying information from “previously stolen data.” Reports.
The health ministry refuted the claim, asserting that no bots could access the information without first verifying with a one-time password.
“It is made clear that all of these rumours are false and malicious. The health ministry’s CoWIN interface is entirely secure and has sufficient data privacy protections. The security of the data on the CoWIN portal is being ensured in every way possible, according to a statement from the health ministry.
Meity said the CoWin program or database was not directly compromised, and the shared information appeared to be taken from a previous intrusion. But the hack again highlights the growing danger of cyber assaults, particularly on official websites.
Recent cases of data leak
Dominos India 2021– Dominos India, a division of Jubilant FoodWorks, faced a cyberattack on May 22, 2021, which led to the disclosure of information from 180 million orders. The breach exposed order information, email addresses, phone numbers, and credit card information. Although Jubilant FoodWorks acknowledged a security breach, it refuted any illegal access to financial data.
Air India – A cyberattack that affected Air India in May 2021 exposed the personal information of about 4.5 million customers globally. Personal information recorded between August 26, 2011, and February 3, 2021, including names, dates of birth, contact information, passport information, ticket details, frequent flyer information from Star Alliance and Air India, and credit card information, were exposed in the breach.
Bigbasket – BigBasket, an online supermarket, had a data breach in November 2020, compromising the personal information of approximately 20 million consumers. Email IDs, password hashes, PINs, phone numbers, addresses, dates of birth, localities, and IP addresses were among the information released from an insecure database containing over 15 GB of customer data. BigBasket admitted to the incident and reported it to the Bengaluru Cyber Crime Department.
Unacademy – Unacademy, an online learning platform, experienced a data breach in May 2020, compromising the email addresses of approximately 11 million subscribers. While no sensitive information, such as financial data or passwords, was compromised, user data, including IDs, passwords, date joined, last login date, email IDs, names, and user credentials, was. The breach was detected when user accounts were uncovered for sale on the dark web.
2022 Card Data- Cybersecurity researchers from AI-driven Singapore-based CloudSEK found a threat actor offering a database of 1.2 million cards for free on a Dark Web forum for crimes on October 12, 2022. This came after a second problem involving 7.9 million cardholder records that were reported on the BidenCash website. This comprised information pertaining to State Bank of India (SBI) clients. And other well-known companies were among those targeted in high-profile data breach cases that have surfaced in recent years.
Conclusion
Data breach cases are increasing daily, and attackers are mainly attacking the healthcare sectors and health details as they can easily find personal details. This recent CoWIN case has compromised thousands of people’s data. The All-India Institute of Medical Sciences’ systems were compromised by hackers a few months ago. Over 95% of adults have had their vaccinations, according to the most recent data, even if the precise number of persons impacted by the CoWin privacy breach could not be determined.
Executive Summary:
A viral image circulating on social media claims it to be a natural optical illusion from Epirus, Greece. However, upon fact-checking, it was found that the image is an AI-generated artwork created by Iranian artist Hamidreza Edalatnia using the Stable Diffusion AI tool. CyberPeace Research Team found it through reverse image search and analysis with an AI content detection tool named HIVE Detection, which indicated a 100% likelihood of AI generation. The claim of the image being a natural phenomenon from Epirus, Greece, is false, as no evidence of such optical illusions in the region was found.
Claims:
The viral image circulating on social media depicts a natural optical illusion from Epirus, Greece. Users share on X (formerly known as Twitter), YouTube Video, and Facebook. It’s spreading very fast across Social Media.
Similar Posts:
Fact Check:
Upon receiving the Posts, the CyberPeace Research Team first checked for any Synthetic Media detection, and the Hive AI Detection tool found it to be 100% AI generated, which is proof that the Image is AI Generated. Then, we checked for the source of the image and did a reverse image search for it. We landed on similar Posts from where an Instagram account is linked, and the account of similar visuals was made by the creator named hamidreza.edalatnia. The account we landed posted a photo of similar types of visuals.
We searched for the viral image in his account, and it was confirmed that the viral image was created by this person.
The Photo was posted on 10th December, 2023 and he mentioned using AI Stable Diffusion the image was generated . Hence, the Claim made in the Viral image of the optical illusion from Epirus, Greece is Misleading.
Conclusion:
The image claiming to show a natural optical illusion in Epirus, Greece, is not genuine, and it's False. It is an artificial artwork created by Hamidreza Edalatnia, an artist from Iran, using the artificial intelligence tool Stable Diffusion. Hence the claim is false.
Executive Summary
A viral video allegedly featuring cricketer Virat Kohli endorsing a betting app named ‘Aviator’ is being shared widely across the social platform. CyberPeace Research Team’s Investigations revealed that the same has been made using the deepfake technology. In the viral video, we found some potential anomalies that can be said to have been created using Synthetic Media, also no genuine celebrity endorsements for the app exist, we have also previously debunked such Deep Fake videos of cricketer Virat Kohli regarding the misuse of deep fake technology. The spread of such content underscores the need for social media platforms to implement robust measures to combat online scams and misinformation.
Claims:
The claim made is that a video circulating on social media depicts Indian cricketer Virat Kohli endorsing a betting app called "Aviator." The video features an Indian News channel named India TV, where the journalist reportedly endorses the betting app followed by Virat Kohli's experience with the betting app.
Fact Check:
Upon receiving the news, we thoroughly watched the video and found some featured anomalies that are usually found in regular deep fake videos such as the lip sync of the journalist is not proper, and if we see it carefully the lips do not match with the audio that we can hear in the Video. It’s the same case when Virat Kohli Speaks in the video.
We then divided the video into keyframes and reverse searched one of the frames from the Kohli’s part, we found a video similar to the one spread, where we could see Virat Kohli wearing the same brown jacket in that video, uploaded on his verified Instagram handle which is an ad promotion in collaboration with American Tourister.
After going through the entire video, it is evident that Virat Kohli is not endorsing any betting app, rather he is talking about an ad promotion collaborating with American Tourister.
We then did some keyword searches to see if India TV had published any news as claimed in the Viral Video, but we didn’t find any credible source.
Therefore, upon noticing the major anomalies in the video and doing further analysis found that the video was created using Synthetic Media, it's a fake and misleading one.
Conclusion:
The video of Virat Kohli promoting a betting app is fake and does not actually feature the celebrity endorsing the app. This brings up many concerns regarding how Artificial Intelligence is being used for fraudulent activities. Social media platforms need to take action against the spread of fake videos like these.
Claim: Video surfacing on social media shows Indian cricket star Virat Kohli promoting a betting application known as "Aviator."
Claimed on: Facebook
Fact Check: Fake & Misleading
