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US authorities offer $ 625,000 for Monero hack

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US Tax Offers $ 625,000 for Monero Hack

US authorities offer $ 625,000 for Monero hack

US authorities offer $ 625,000 for Monero hack
CONTENT

  • The IRS accepts applications from anyone confident of their ability to hack the private Monero coin.

  • The authorities promise a $ 625,000 reward to anyone who succeeds.

  • According to tax authorities, this initiative will help them in the fight against cybercrime.

International consortium of news organizations developing transparency standards.

The IRS of anyone who wants to try to hack the Monero private coin network, known for its high level of privacy.

US authorities offer $ 625,000 for Monero hack

Reward announced

The Internal Revenue Service (IRS) has promised to pay $ 625,000 to anyone who breaks into the famous untraceable cryptocurrency Monero (XMR), as well as other private coins. Representatives of the tax authorities announced this recently in an official proposal..

“The IRS is looking for one or more contractors who can provide an innovative solution for tracking private coins and identifying their owners,” the proposal says..

The IRS has expressed interest in any effective expert tools, data, source codes, algorithms and software development services. The tax authorities said they would be satisfied with various solutions. These include both systems that identify data on Monero wallet users, dates and sizes of transactions on the network, as well as more sophisticated tools that can statistically predict the likelihood of future transactions involving certain wallets..

US authorities offer $ 625,000 for Monero hack

Applications will be accepted until September 16. The payment of remuneration, as promised by the authorities, will be carried out in two stages – first $ 500,000 for the developed concept of the product, and then another $ 125,000 after its pilot launch and approval by the government..

Will anyone be able to get an award from the American tax authorities? Join the discussion in our Telegram channel – and you will find out everything!

You give surveillance on the net

Private coins, including Monero, enable users to conduct financial transactions with a high degree of opacity and confidentiality. Therefore, according to a number of crypto enthusiasts, they are closest to realizing the true purpose of cryptocurrencies in general..

On the other hand, the increased anonymity significantly complicates the process of their regulation compared to Bitcoin or Ethereum, where addresses can always be traced back to specific wallets and crypto exchanges..

According to the IRS, “currently the resources to track transactions involving private cryptocurrencies are limited,” and this frees the hands of criminals, ensuring their privacy..

Accordingly, the rates of cybercrime using private coins, including Monero, are growing, the Service emphasizes. For example, the criminal group behind the Sodinokibi malware prefers to demand from its victims not bitcoins (BTC), but Monero (XMR).

Against this background, as the editorial staff of BeInCrypto has already said, many popular cryptocurrency exchanges refuse to list anonymous coins or exclude them from the list of currencies admitted to trading for the sake of a license from local regulators.

US authorities offer $ 625,000 for Monero hack

Such a massive attack forced the Monero project itself to intensify. As we previously reported, its developers turned to a consulting firm to prepare legally sound regulatory documents for XMR’s compliance with regulatory requirements..

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