United States IRS Invites Applications To Decrypt Privacy Coin Monero  

The US Internal Revenue Services (IRS) is inviting partakers to attempt and decrypt privacy-focused Monero network.

The United States Federal agency is ready to shell out up to six hundred and twenty five thousand USD for anyone who decrypts the imperceptible digital asset Monero, and other privacy oriented cryptocurrencies, as per an official proposal published recently.

The proposal mentioned, “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.”

The Federal Agency noted mounting felonious usage for privacy tokens like Monero as one of its impetus behind the offer. The agency further mentioned that privacy coins are becoming more widespread and are being used more by criminals.

So far, companies like on-chain tracking solution Chainalysis have played a significant role in helping the US government for disinterring unlawful action on widespread cryptocurrency networks like Bitcoin. Just last month, the firm was indicated by the IRS to aid take down 3 infamous terrorist establishments.

Nevertheless, even Chainalysis has had a trying time figuring out the confidentiality mechanisms that make cryptocurrencies like Monero what they are.