Bitcoin Forum

The United States Internal Revenue Services are offering up to $625,000 to anyone who can break "untraceable Private Coins.

The IRS will begin taking submissions in the form of working prototypes until September 16th. If accepted applicants will receive an initial payment of $500,000!  The grant will allow them to turn their work into a working prototype over the next 8 months.

The announcements primary objective would be to help IRS Criminal Investigations or Special Agents trace transactions, identify wallets as well as transactions,
dates and times and also amounts transferred. They hope to use the tool to predict future transaction of flagged addresses, as well as what the transactions might have been used for.

The IRS mentions that XMR is being used for ransom demands and is being used by a ransomware group Sodinkinobi. Due to it's privacy concerns!

Demand for privacy coins has grown as authorities have been stepping up their crypto forensics.  They have began to employ private contractors such as Chainalysis who has helped in tracking bitcoin and other crypto currencies fight child abuse, money laundering and terrorist financing. Last month Chainalysis helped bring down 3 terrorist organizations.


Blockchain Analytics firm Cipher Trace claims to have a prototype to track Monero. It has yet to be confirmed though. It is said the tool can be used to track stolen Monero used in illegal transactions back to the source such as being used in ransomware cases.

I just read this on google news if anyone hhas been developing a way to trace Bitcoin, Monero or other privacy coins. This is a way to make a fat paycheck. I personally do not agree with it. I believe Crypto should be private. I do not use my crypto for illegal purposes other then occasional sports betting, poker or blackjack.

In my honest opinion, maybe they should add microchips to dollar bills and track USD first. As only 1-2%of crypto is actually being used for illegal activities. Roughly 40 to 60% of money worldwide is or has been used for illicit activities!!!!

Here is the link of where I got the information!

https://cointelegraph.com/news/the-irs-offers-a-625-000-bounty-to-anyone-who-can-break-monero-and-lightning/amp

Edit: Thank you for the Crypto Cipher Link AmoreJaz, Do not want to spam thread so adding it here also

such a huge bounty out there. for sure there are individuals or groups that will be interested to this offer. and yes, ive heard of that Cipher. if they can prove the efficiency of their tool, are they going to get the bounty reward? or will still be open to others?

https://cointelegraph.com/news/ciphertrace-develops-monero-tracing-tool-to-aid-us-dhs-investigations

but they can allot this bounty to other illegal activities though. as you said, very small percentage is still known in crypto illegal activities. and that is true, up until now, involving fiat money is still by far the major way of fraudulent activities.