- The Twitter hack that mainly affected bitcoin investors in the US left many agencies perplexed as to the functioning of blockchain networks.
- US investigative agencies plan to implement procedures to monitor transactions on a global scale effectively.
- The US Army Criminal Investigation Division Command has put in a ‘Request for information’ to suitable agencies who could be of help to curb illicit transactions.
With the rise in global crypto scams and recent once carried out on Twitter, criminal and investigative agencies plan to implement procedures to monitor transactions on a global scale effectively. The Twitter hack mainly affected investors in the US, left many agencies perplexed as to the functioning of blockchain networks. The US Army Criminal Investigation Division Command has put in a ‘Request for information’ to suitable agencies who could be of help to curb illicit transactions.
A request placed for Software-as-a-service placed for all eligible candidates
The Statement-of-Work released on 10th June 2020 states that the contractor should be able to furnish software that will help the agency spy on global cryptocurrency transactions. Furthermore, it will also aid faster solving of criminal investigations combined with other missions of the Command. They plan to identify and stop actors who dupe investors of cryptocurrency for abnormal gains. Additionally, the agency is in search of a unique contractor that could provide specific details as to the origin and destination of payments on the blockchain network.
The Terrorism and Criminal Investigative Unit of the Command will closely monitor the activities of the contractor for proper implementation of the guidelines. The SOW also specifies that the Command is not in search of someone trying to build software but an organization with relevant expertise and knowledge in crypto surveillance.
Elliptic and Chainalysis might be the frontrunners for the contract
The UK-based blockchain data analysis company, Elliptic, is one of the favourites to provide relevant information to the agency. Moreover, it recently won a contract with the IRS to provide data on various exchanges and digital currencies. US-based Chainalysis has carved out a niche for itself among the domestic competitors.
One of the striking features made in the request to potential contractors has to be its 24x7x365 use for surveillance. Additionally, training material should be sufficient for all agency experts to gauge information efficiently. Hence, Statement-of-Work is a major step towards crypto regulation in the US and around the globe.
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