The US Internal Revenue Services (IRS) has announced a bounty-like program that is geared towards the development of a potential tool that can track Monero (XMR) transactions. About $625,000 will be paid to whoever comes up with a workable concept that will facilitate monitoring a Monero transaction.
This recent move from the federal agency was triggered by the increasing use of the cryptocurrency and other privacy-focused digital currencies by cybercriminals to move a large amount of illegally earned money.
Crack a Monero Transaction For $625K
In the recent proposal announcement, the United States IRS precisely noted:
“IRS-CI is seeking a solution with one or more contractors to provide innovative solutions for tracing and attribution of privacy coins, such as expert tools, data, source code, algorithms, and software development services.”
Interested persons who wish to join the contest have until September 16 to apply with a prototype on how the plan to develop a potential Monero transaction tracking tool. The IRS said that the bounty reward would be pay to whoever comes up with a workable concept in two-phase. First, an initial amount of $500,000 will be given to them if their solution proves workable.
The remaining amount will only be reimbursed if the solution/tool is confirmed by the government after it successfully passes the pilot test.
Untraceable Monero Transactions
The cryptocurrency is a question has become the favorite for hackers, drug dealers, and darknet markets because of its hard-to-break privacy features. Being one of the most popular privacy coins, Monero was designed with complex privacy algorithms that will conceal the contents of any transaction involved with the crypto.
The amount of money being moved in a single Monero transaction can hardly be traced, which makes it an ideal coin for the bad actors. As a result, several crypto-mining malware and illicit acts are being done with the cryptocurrency. Moreover, there are only limited tools available for agencies to investigates cases involving Monero transactions.