Cryptocurrencies have revolutionised the financial landscape around the world, offering decentralised and borderless transactions. Each crypto coin is worth thousands of dollars.
However, this innovation has also introduced several challenges, especially illicit and fraudulent activities like money laundering, fraud, and terrorism financing. The anonymous transactions of crypto make it difficult to trace and regulate these activities. Posing risks to financial institutions and law enforcement agencies.
Addressing this critical issue, Hornet Decentratech is an Indian startup founded in 2023 by Souvik Halder, Subhrojyoti Mondal, and Shreyan Gupta. They developed these advanced crypto forensics and investigation tools that enable tracking and analysis of cryptocurrency transactions. Hornet Decentratech is responsible for navigating and assisting in the identification of suspicious activities, while also enhancing compliance with regulatory standards. By providing actionable intelligence that secures digital assets, Hornet targets to secure the security infrastructure and support efforts to combat financial crimes in the crypto space.
“Since the world’s first cyber war, i.e., Stuxnet (which arguably slowed down Iran’s nuclear weapon manufacture using malware), the rules of the playground have completely changed forever. Hornet prepares you for the two most important aspects of cyber attacks: the financial aspect, specifically cryptocurrency, and the human element, specifically the dark web. – Hornet’s Vision
Hornet’s Innovative Approach to Crypto Forensics
Hornet’s platform specialises in analysing platform blockchain data, which discovers patterns signalling illicit activities. By utilising proprietary algorithms, the system can trace the transactions of various cryptocurrencies and identify the links between wallets and potential criminal networks.
This is a great help to the financial institutions and law enforcement agencies who find it difficult to maintain the balance in the era of digital threats.
Hornet is developing a risk analysis application that is carefully designed to empower individual users, making a great addition to the investigative tools. The app will offer real-time insights into risk profiles of crypto assets. It assists users in making well-informed choices and steering clear of fraudulent activities.
Shreyan Gupta mentioned in an interview that, “While private wallets are harder to trace, we can track transactions when they interface with crypto exchanges or P2P platforms, linking them to real-world entities through bank KYC data.”
Strategic Funding to Expand Capabilities
Recently, the startup secured ₹4 crore in seed funding from Artha Ventures Fund. CEO Souvik Halder said that this investment will facilitate the expansion of Hornet in different markets, from B2C and B2B to B2G. The company plans to enhance its analysis tools and compliance solutions. With the funding, the startup will strengthen their partnership with government entities and expand into the international market.
The founders are viewing this funding as the validation of their mission that boosts the capabilities in crypto and dark web forensics in India.
Furthermore, Hornet also has plans to create a footprint in the international market, introducing global audiences to advanced forensics technology. With Artha Venture Fund on the side, the founders aim to strengthen India’s crypto security as a leading company.
Collaborations with Law Enforcement and Financial Institutions
Hornet has established connections with various agencies that deal with such illicit activities. Collaborating full-fledgedly with the Enforcement Directorate and the West Bengal and Andhra Pradesh police departments to combat crypto-related crimes.
They provide investigative tools to de-anonymise such transactions and trace the flow of digital assets. Hornet is dedicated to dismantling criminal networks that operate within the crypto space.
Recognition and Future Outlook
For innovative contributions in the field of technology, Hornet was awarded the NIDHI PRAYAS grant by the Indian Statistical Institute (ISI), Kolkata. Also, the startup was presented the Best Innovation award by Shri Vinai Saxena, the Lt. Governor of Delhi.
These recognitions highlight Hornet’s commitment to advancing cryptographic forensics and making an impact on digital financial security.
- Tesla Electrifies India: First Showroom Opens in Mumbai, Model Y Takes Center Stage
- ChrysCapital Acquires 90% Stake in Theobroma Foods for ₹2,410 Crore, Marking Major QSR Deal
- Citi Appoints Laimon Wong as Head of Markets Senior Relationship Management for Asia North & South, Australia
- Monika Marwah Appointed Vice President of Workforce Enablement at HSBC
- Aditi Vashisht Launches Amplify Hiring as Founder
- Ness Digital Engineering Appoints Kishor Kumar as SVP & Global Head of Talent Supply Chain
- EaseMyTrip Co-founder Prashant Pitti Pledges ₹1 Crore to Solve Bengaluru Traffic
- Shell Lubricants Completes Acquisition of Raj Petro Specialities, Boosts India Presence
