"break" is a misleading term to use here, nothing is being broken. it is their hope to trace or track these transactions so that they can get their share from people by forcing them to pay taxes.
there is also already another topic on this: https://bitcointalksearch.org/topic/sec-offered-a-625k-bounty-for-a-tool-to-track-ln-and-monero-5275111
Topic: The IRS offers $625,000 for anyone who can brbreak Monero and Lightning. (Read 110 times)
September 15, 2020, 12:13:57 AM
September 14, 2020, 10:57:03 PM
The United States Interval Revenue Service offered a bounty of $625,000 to anyone who will break allegedly the untraceable privacy coins such as Monero (XMR) as well as the transactions on bitcoin's lightning network. The Interval Revenue Service (IRS) will accept a prototype until September 16, if accepted they will receive the amount of $500,000 for an initial payment, it will allow them to work for 8 months to fully develop the prototype. Once the pilot test is completed and accepted by the government, another $125,000 will be paid, for a total of $625,000 at all.
The announcement seems to offer an initiative with primary objectives to help IRS investigation to trace transactions, it includes identifying wallets, transaction Date and time, and amount transferred, it seems to be helpful if there is a crime about crypto world happens.
They said that Monero is one of the cryptocurrencies preferred among criminal organizations. The XMR is also used by ransom because of its privacy concers.
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IRS-CI is seeking a solution with one or more contractors to provide innovative solutions for tracing and attribution of privacy coins such as expert tools, data, source codes, algorithms, and software development services.
The announcement seems to offer an initiative with primary objectives to help IRS investigation to trace transactions, it includes identifying wallets, transaction Date and time, and amount transferred, it seems to be helpful if there is a crime about crypto world happens.
They said that Monero is one of the cryptocurrencies preferred among criminal organizations. The XMR is also used by ransom because of its privacy concers.
Code:
link: https://cointelegraph.com/news/the-irs-offers-a-625-000-bounty-to-anyone-who-can-break-monero-and-lightning/amp
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Monero (XMR) is an open-source, privacy-oriented cryptocurrency that is built and operates on the blockchain concept. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants' activities that show all the transactions on the network.
Code:
Original author(s): Nicolas van Saberhagen
Hash function: RandomX
Circulating supply: 17,575,954 XMR (as of 27 May 2020)
Previous names: BitMonero
Initial release date: 2014
Latest release: 0.16.0.0 / 23 May 2020
Hash function: RandomX
Circulating supply: 17,575,954 XMR (as of 27 May 2020)
Previous names: BitMonero
Initial release date: 2014
Latest release: 0.16.0.0 / 23 May 2020
Code:
https://www.investopedia.com/tech/introduction-monero-xmr/
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