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.