US Army crypto tracing tool to aid cybercrime investigations

US Army crypto tracing tool to aid cybercrime investigations

The US Army crypto tracing tools are ready to join cybercrime investigations. The increasing use of cryptocurrencies in cybercrime has shown the misuse of crypto technology. The privacy-focused coins meant to protect a user’s identity are often misused by malicious elements to cover their tracks.

The principal investigative division of the US Army has decided to include cryptocurrency tracing solutions for its cybercrime investigations team. The information about the US Army crypto tool bids has been revealed through public channels.

Detailed description of the US Army crypto tracing tool

A ‘Statement of Work’ (SOW) released on July 10 shows that the Major Cybercrime Unit (MCU) under the US Army has invited bids for an online tool that helps track down nefarious transactions through crypto channels. Noticeably, the bids are for an online-only solution. Contractors can submit their respective bids by July 20.

The release further outlines that the online-only tool must fully meet the needs of law enforcement agencies in the detection and identification of cybercriminals who circumvent ill-gotten money through cryptocurrencies or for malicious activities. The prime focus remains on crypto extortion scams, terror financing, money laundering, and crypto frauds. It must deliver in-depth analysis and tracing of alleged transactions, including Bitcoin and various other cryptocurrencies.

Pentagon serious about crypto frauds

The publication reflects the idea behind the need for a US Army crypto tracing tool. It mentions how it must aid investigative agencies in breaking the malicious nexus posed by digital currencies. The strictly cloud-based tool must accurately detect crypto fraud, report suspicious transactions, identify malicious crypto transfers, and investigate crypto connections.

Additionally, the proposed tool must detect patterns of nefarious crypto transactions and interactions that pose threats. The tool must also feature proper data analysis functionality. Last year, the US Army published a pre-solicitation notice regarding the same. Interestingly, the Pentagon also explored the possibility of crypto involvement in a hypothetical wargame related to civil unrest in the United States.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

'I think he's telling the truth,’ Kevin O'Leary on SBF
Uniswap price analysis: UNI breaks above $5.90. Can bulls sustain their momentum?
Ankr protocol exploited trillions of aBNBc by attackers
Sam Bankman Fried & How FTX Collapsed Current Crypto Regulations
ChainLink price analysis: LINK maintains positive value at $7.5

Follow Us

Industry News

'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain
OpenSea ends 2022 with major partnerships and $1B in NFT royalties

Add Your Heading Text Here