The US Internal Revenue Servoce has initiatiated a reward program for individuals who manage to hack Monero (XRM). Over $600 000 will be rewarded to any person who will prove that Monero transactions are traceable. The program was launched because of the increasing number of cyber crimes associated with usage of cryptocurrencies ensuring anonymous transactions.
Bounty program by IRS amounting to $625K
Anyone who presents a working concept will be assessed the initial amount of $500 000 by IRS. The rest $125K will be rewarded once the solution passes the trials approved by the US government. The interested parties and teams willing to participate in searches for a valid instrument of XMR tracing need to present their prototypes to IRS.
Monero is one of the most popular digital currencies aimed at compete confidentiality. The crypto was designed with several functions that make its transactions impossible to be traced. Thus, the amounts of money involved in a certain transaction, are extremely hard to define, unlike in Bitcoin transactions. The same goes for parties making exchanges — they remain anonymous.
For these reasons IRS has launched a reward program to ensure that Monero transactions are traceable.
