US IRS Announces Bounty of $625K for Breaking Monero’s Privacy

Vandana  |  Sep 11, 2020

The United States Internal Revenue Service, IRS has announced the bounty of up to $625k for breaking the privacy of Monero. According to the announcement, anyone who will be able to break untraceable privacy of Monero and along with this can trace the transactions of BTC Lightning Network will be offered this bounty.

The IRS revealed that they will be accepting the submissions until September 16. Once the application will be accepted, the applicants will be receiving the payment of $500,000. Through this grant, the applicants will be able to develop their work for over the next eight months. After completing the project and getting it approved from the government, they will receive a remaining $125,000 grant. 

This initiative is to help IRS Criminal Investigation

According to the announcement by IRS, the main objective of this initiative is to help the criminal investigation (CI) from the agency. This will help the agency to predict the transactions done by flagged addresses in future. The product that will be created for this will be having a CI full control and will also be able to modify them in future. 

The major reason behind this initiative is because Monero is the most used crypto by criminal organisations. The IRS has identified that Monero is used by most of the ransomware gangs to grab ransom from the victims.

Demand for privacy coins among criminals is growing

It has been noticed for quite some time now that there has been a rapid increase in the demand for privacy coins among the criminals. The IRS has stated that currently, a very few numbers of investigative resources are tracing the transactions related to Monero and other privacy coins. There is one blockchain analytics firm named CypherTrace that is trying out a new tool in order to trace all Monero transactions. According to the firm, this tool will be made available to the U.S. Department of Homeland Security.

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