IRS Will Pay Up To $625,000 If You Can Crack Monero, Other Privacy Coins

The IRS is now offering cash to anyone who can “reliably produce useful results on a variety of real-world CI cryptocurrency investigations involving Monero and/or Lightning.”Want to know more on IRS Will Pay Up To $625,000 If You Can Crack Monero, Other Privacy Coins click here go to Crypto & Blockchain news source. Crypto & Blockchain news summary from Forbes Crypto & Blockchain News.Author: Kelly Phillips Erb, Senior...

User Profiling Can Help Regulators Identify Illegal Crypto Activity, Says FATF

The Financial Action Task Force (FATF) has recommended regulators profile cryptocurrency users so they can better identify criminal activity. FATF, whose guidance is heeded in more than 200 countries, said in a report Monday that it had identified certain behaviors and characteristics that serve as red flags for regulators trying to detect illegal or illicit transactions. One of the primary methods, the international financial watchdog said, is to...

SWIFT Says Criminals Prefer Cash for Money Laundering, Not Cryptocurrency

A new report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) says cryptocurrency is seldom used for money laundering activities compared to fiat or other traditional methods. Despite the perception that crypto assets are a preferred haven for illegally acquired funds, criminals prefer to launder proceeds through mules, front companies, or cash businesses as well as investing it into crime, it said. “Identified cases of laundering through...

Criminals Target Privacy Coins: How To Avoid Downloading Fake Wallet Apps

Reports in the past few weeks detail that bad actors are targeting two privacy coin projects, Monero and Zcash, adding to concerns about the growing rate of security incidents involving blockchain networks. Such incidents, as well the repeated 51% attacks on the Ethereum Classic network or the Electrum wallet breach, suggest criminals are becoming more sophisticated. Still, bad actors sometimes use less sophisticated methods and appear to get...
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