IRS offers $625,000 reward to anyone who decrypts the virtual currency “Monero”

The IRS offered a reward of more than half a million dollars to anyone who decrypts the virtual currency “Monero” “Mone...

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  • The IRS offered a reward of more than half a million dollars to anyone who decrypts the virtual currency “Monero”
  • “Monero” is one of the virtual currencies most used by criminal organizations to finance illicit acts since they cannot be traced
  • The IRS invited participants to try to break the privacy level of the “Monero” network, known to be ‘impenetrable’

The Internal Revenue Service (IRS) indicated through a official proposal published last week that it will pay a reward of $ 625,000 to whoever is able to crack the Monero (XMR) cryptocurrency, known to be untraceable, according to Decrypt.

The IRS Department of Criminal Investigation (IRS-CI) is the largest federal law enforcement agency of the United States Department of the Treasury.

IRS offers $ 625,000 reward to anyone who decrypts the virtual currency

Photo: Twitter.

“The IRS-CI is seeking a solution with one or more contractors to provide innovative solutions for privacy coin tracking and attribution, such as expert tools, data, source code, algorithms and software development services,” the proposal stated.

Cryptocurrencies like Monero allow people to transact their money with extreme privacy since these funds cannot be traced.

These methods are usually used by criminal groups since they allow to hide the amounts of the movements as well as the wallet addresses of both the sender and the receiver.

Unlike Monero, other popular cryptocurrencies Bitcoin or Ethereum, allow tracking of the addresses and even the identity of the user.

“Currently, there are limited investigative resources to track transactions involving privacy cryptocurrencies such as Monero or other off-chain transactions that provide privacy to illicit actors,” added the IRS.

Under the terms mentioned in the IRS proposal, participants are invited to submit models of how they think the Monero cryptocurrency can be penetrated.

The IRS indicated that it will accept applications until September 16.

Participants will receive the reward in two phases.

They will first receive an initial payment of $ 500,000 in order to develop and test a privacy tool that can penetrate Monero.

Then, when the pilot program is finished and approved by the government, they will receive a payment of $ 125,000.

The IRS noted that the number of criminal transactions through cryptocurrencies such as Monero was one of the main motivations behind the proposal, noting that it is becoming increasingly popular for criminal acts.

“In April 2020, a ransomware group (a type of malicious program) called Sodinokibi said that future ransom payments will be made in Monero (XMR) instead of Bitcoin (BTC) due to transaction privacy concerns,” indicated the federal agency.

Filed Under: IRS Offers Reward

IRS will send a special letter to nearly 9 million people to claim economic stimulus checks

The United States Internal Revenue Service (IRS) indicated that later this month it will begin to send letters by mail to approximately nine million Americans who do not normally file federal income tax returns to claim aid.

The special communication aims to urge recipients to claim their economic impact check through the Non-Filers tool on the page before October 15, 2020 so they can receive their payment before the end of the year.

Also, the agency indicated that people can receive up to $ 1,200 and married couples can receive up to $ 2,400.

Individuals with qualifying children under the age of 17 at the end of 2019 will be able to get up to an additional $ 500 for each child that applies.

Filed Under: IRS Offers Reward

According to the IRS, about 160 million taxpayers have received the payments, which were designed to offset the economic impact of the coronavirus pandemic, CBS reported.

To make delivery of checks as fast as possible, the IRS relied on the most recent tax returns from taxpayers, which included bank details for direct deposit.

There are millions of Americans who do not file taxes, such as some seniors and low-income households, yet many in this group are still eligible for an economic impact payment, but not filing taxes has delayed the delivery of stimulus checks.

“The IRS has made an unprecedented outreach effort to make sure people are aware of their potential eligibility for an economic impact payment this year,” said IRS Commissioner Chuck Rettig.

Filed Under: IRS Offers Reward

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Filed Under: IRS Offers Reward

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