Pentagon wants to keep an eye on global crypto transactions

Pentagon wants to keep an eye on global crypto transactions
Written by:
Ali Raza
18th July, 13:34
  • The US Army has called upon crypto analytics firms to offer solutions for tracing illicit transactions.
  • While the request arrived on July 10th, a recent Twitter hack proved that such a tool is necessary.
  • The Army gave a description of what it needs, and a deadline for contractors to apply — Monday, July 20th.
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Bitcoin (BTC) once again attracted a huge amount of attention from authorities around the world earlier this week. However, the reason for this was not a major price surge, nor a price crash. This time, everyone was alarmed due to a major Twitter hack, which turned out to be a means for conducting another Bitcoin scam.

What happened?

Simply put, hackers hijacked a number of verified and other accounts with large numbers of followers, many of which were celebrities and influential individuals. They used the accounts to promote a BTC scam and offer to repay twice the amount anyone sends to them.

Now, everyone seems to want to know the hackers’ identity, as well as where the money is. Of course, tracking cryptocurrencies is more difficult than tracking traditional money, but it is not impossible.

Entire companies, government agencies, and even Pentagon’s own top investigative unit seem to have joined the search.

The U.S. Army’s deadline for a crypto tracking tool approaches

The U.S. Army Criminal Investigation Division Command (USACIDC) wishes to create a tool that would allow it to keep track of suspicious crypto transactions around the world.

According to the document published by the Army, “The contractor must provide worldwide web-based access to a reliable cryptocurrency investigation service.” The deadline for applying is the following Monday, July 20th.

The US Army wants to be able to identify and stop those who use digital currencies for unlawful activities, such as money laundering, fraud, or extortion. “Application must enables users to conduct in-depth investigation into the source of cryptocurrency transactions and provides multi-currency analysis from bitcoin to other top cryptocurrencies,” the announcement said.

Not only that, but they also want it to be able to spot suspicious transaction patterns, to be cloud-based, and to notice suspicious interactions with different entities.

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