The US Internal Revenue Service says it’s ready to give a cash reward of $625,000 to anyone who cracks Monero (XMR) and other privacy coins that aim to make financial transactions untraceable.
The proposal by the IRS Criminal Investigation (IRS-CI) comes as illicit actors increasingly use privacy-focused cryptocurrencies. The report notes that in April, the ransomware-type program Sodinokibi revealed that it would be using Monero instead of Bitcoin (BTC) in future ransom request payments to hide traces of their transactions.
“IRS-CI is seeking a solution with one or more contractors to provide innovative solutions for tracing and attribution of privacy coins and layer 2 off-chain transactions, such as expert tools, data, source code, algorithms, and software development services to assist their cyber crimes agents in carrying out their mission as it relates to cryptocurrency privacy technologies.”
Meanwhile, Binance is offering a big financial incentive of its own