The
United States Interval Revenue Service offered a bounty of
$625,000 to anyone who will break allegedly the untraceable privacy coins such as
Monero (XMR) as well as the transactions on bitcoin's lightning network. The Interval Revenue Service (IRS) will accept a prototype until September 16, if accepted they will receive the amount of $500,000 for an initial payment, it will allow them to work for 8 months to fully develop the prototype. Once the pilot test is completed and accepted by the government, another $125,000 will be paid, for a total of $625,000 at all.
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 codes, algorithms, and software development services.
The announcement seems to offer an initiative with primary objectives to help IRS investigation to
trace transactions, it includes
identifying wallets, transaction
Date and time, and
amount transferred, it seems to be helpful if there is a crime about crypto world happens.
They said that Monero is one of the cryptocurrencies preferred among criminal organizations. The XMR is also used by ransom because of its
privacy concers.
link: https://cointelegraph.com/news/the-irs-offers-a-625-000-bounty-to-anyone-who-can-break-monero-and-lightning/amp
Monero (XMR) is an open-source, privacy-oriented cryptocurrency that is built and operates on the blockchain concept. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants' activities that show all the transactions on the network.
Original author(s): Nicolas van Saberhagen
Hash function: RandomX
Circulating supply: 17,575,954 XMR (as of 27 May 2020)
Previous names: BitMonero
Initial release date: 2014
Latest release: 0.16.0.0 / 23 May 2020
https://www.investopedia.com/tech/introduction-monero-xmr/
