The United States Internal Revenue Service (IRS) is the largest Federal law enforcement agency responsible for collecting taxes and administering the Internal Revenue Code. Applications for their cryptocurrency tracing project are being accepted until September 16. Accepted prototypes will receive an upfront payment. The federal government has difficulty finding and implementing innovative solutions to combat cybercrime, but CipherTrace, a blockchain analytics firm, claims to have developed a tool that can trace hundreds of cryptocurrency transactions for top cryptos like Bitcoin Cash, Ethereum, Tether, and Litecoin. This tool can also supposedly track Monero transactions, although its effectiveness is unverified. Recent reports show that cryptocurrency-related crimes have already led to $1.4 billion in losses this year. Using a virtual private network (VPN) can help prevent cybercriminals from accessing your computer system remotely.
up to ~$ 625,000 for each approved candidate
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About USA Internal Revenue Service
A bounty of up to $625,000 is available for individuals who can break the alleged untraceable privacy coins like Monero (XMR) and trace transactions on Bitcoin's Lightning Network within the next 8 months. This funding will help applicants develop their prototypes into functional concepts. Following successful pilot testing and approval by the US government, an additional $125,000 grant will be given out. The IRS is the primary federal law enforcement agency responsible for tax collection and enforcing the Internal Revenue Code in the US. The government faces challenges in testing, procuring, and implementing innovative technological solutions to combat cybercrime. CipherTrace announced that they can now trace Monero (XMR) transactions, along with other top cryptocurrencies like Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), and Litecoin (LTC). The organization mentions that there is a rise in cryptocurrency-related crimes amounting to $1.4 billion in theft, hacking, and fraud in the first half of this year.
Step-by-step guide
Visit the Pilot IRS Cryptocurrency Tracing Bounty page. The Request for Proposal (RFP) is attached as well as the clauses and provisions document. Contractor shall submit a written proposal (no more than 10 pages in length) and should address a few questions (see page 4). There will be two (2) Phases for this SC:
Disclaimer: This content is for educational and informational purposes only and does not constitute financial advice. Conduct thorough research before making any deposit/investment decisions (DYOR).
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