IRS Offers Contracts Worth $1.25M to Two Firms With the Aim of Breaking Monero

IRS Offers Contracts Worth $1.25M to Two Firms With the Aim of Breaking Monero

By Abhimanyu Krishnan | News | 5 Oct 2020

The United States Internal Revenue Service (IRS) has awarded two $625,000 contracts to Chainalysis and data forensics analysis firm Integra FEC to crack Monero (XMR), according to filings posted on September 30.

  • Chainalysis and Integra will both receive an initial grant of $500,000 to fund the development of the solution, and the remainder if the solution is approved
  • Monero’s privacy protocol hides both sender and recipient information, as well as transaction amounts
  • Lawmakers have expressed concern about privacy coins, saying that they would enable financing of illegal activities
  • The IRS first revealed that they were looking for solutions to trace Monero transactions in early September
  • Another cryptocurrency intelligence firm, CipherTrace, claimed to have broken Monero’s privacy features for the US Department of Homeland Security
  • The two contracts have an 8 month deadline to develop the tool

Related Reading:

  • Coinbase reportedly looking to sell tools to IRS
  • Coinbase CEO says that the market will move towards privacy coins over time

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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