The Internal Revenue Service (IRS) of the USA has completed its process wherein it has invited proposals from the applicants who can take up the challenge of cracking untraceable cryptocurrency namely Monero. According to news sources, the process has ended on September 16, 2020, and the IRS has offered a bounty of US$ 625,000 for anyone who is able to crack Monero.
The US Federal Agency is paying off US$ 625,000 in two tranches to an individual if he or she is successful in breaking the trace of Monero which the IRS has alleged that actively involved in activities relating to cybercrimes by selling privacy coins. IRS-CI has tasked to initiate full-fledged operation against Monero and is looking forward to engaging more than one contractor who is able to provide solutions in tracing out privacy coins and other coins. The contractor will be required for providing software, source codes, expert tools, and equipment in an effort to break the notorious cryptocurrency.
IRS has alleged that the cryptocurrency like Monero is capable of allowing its users to send their payments based on privacy coins which are designed with such strong codes that the federal agency as well as other related agencies are unable to prevent or detect fraud. It said that Monero is far different from its other counterparts such as Bitcoin and Ethereum in which wallet addresses can be tracked down. Such a cryptocurrency is considered a safe haven for the scammers, fraudsters, and those who are involved in laundering money because due to lack of investigative resources, the privacy coins, as being offered by Monero, remain undetected.
The bounty payment to a successful individual will be paid in two tranches, firstly an amount of US$ 500,000/- will be paid at the time when privacy cracking tools are developed and a second payment of US$ 125,000 will be paid when the pilot test is completed successfully which will be subject to approval by the Federal Government.
The Agency lamented that Monero is causing a great loss the exchequer and resultantly the cybercrimes are on the horizon therefore it is imperative to crack down Monero and catch the culprits behind it.