Chainalysis and Integra Win $1.25 M IRS Agreement

by in Blockchain News

Chainanalysis and Integra work with IRS

Software company Chainanalysis together with forensic data analytics organization Integra Fec won $1.25 M contract to supply instruments that crack privacy token monero for IRS.

Drifted previous month, the contract suggests a year's partnership which aims to hedge financial operations including open-source cryptocurrency Monero (XMR) and second level compensation offers like bitcoin’s lightning network (LN). Highlights viewed by the IRS as links for illegal monetary actions.

Private coins are crypto assets that enable a user to achieve complete anonymity while performing blockchain activities. The identity of users and the sources of their activities are protected.

Each of the companies is receiving $625,000 from the IRS to trace unfamiliar wallet numbers and costs of exchanges.

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According to the offer, each of the companies will get $500,000 to produce the wanted monitoring mechanism. Then they will receive extra $125,000 in case it works successfully and gets approval.

IRS finds that the tracking solution will help to provide particular information on network helping to explore individual exchange data. Chainalysis announced that it is able to track 99% of transfers involving Zcash, and mainly all of Dash’s despite the fact that Zcash, as well as Dash, are private and undetectable.
Anyway, we must consider an important fact. The reason for this can be that the users don't activate the additional privacy security tools open on the two blockchains.