IRS Hiring Hackers Who Can Crack Bitcoin Wallets

IRS Hiring Hackers Who Can Crack Bitcoin Wallets

While cryptocurrency holders are moving their coins to secure hardware wallets, the Internal Revenue Service (IRS) is not asleep at the wheel.

According to a report by VICE, the law enforcement arm of the ferocious tax-collecting government agency is hiring contractors who are able to crack crypto wallets that may be related to investigations.

The document posted by the Criminal Investigation Division (CID) reads that its inability to crack “the cryptographic puzzle” makes it challenging to track the movement of funds and recover them:

The decentralization and anonymity provided by cryptocurrencies has fostered an environment for the storage and exchange of something of value, outside of the traditional purview of law enforcement and regulatory organizations. There is a portion of this cryptographic puzzle that continues to elude organizations—millions, perhaps even billions of dollars, exist within cryptowallets.

Related

 Criminal Charges Against John McAfee Are Warning to All Crypto Users: McAfee’s Legal Defender

The IRS is looking for someone who will be able to build a forensics tool for breaking into crypto wallets:

The explicit outcome of this contract is to tame the cybersecurity research into measured, repeatable, consistent digital forensics processes that can be trained and followed in a digital forensics’ laboratory.

However, the consensus among security researchers appears to be that hardware wallets have very few vulnerabilities to successfully hack them, which means that the IRS’s effort will likely ultimately end up being futile.

Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.

IRS Hiring Hackers Who Can Crack Bitcoin Wallets

IRS Hiring Hackers Who Can Crack Bitcoin Wallets

While cryptocurrency holders are moving their coins to secure hardware wallets, the Internal Revenue Service (IRS) is not asleep at the wheel.

According to a report by VICE, the law enforcement arm of the ferocious tax-collecting government agency is hiring contractors who are able to crack crypto wallets that may be related to investigations.

The document posted by the Criminal Investigation Division (CID) reads that its inability to crack “the cryptographic puzzle” makes it challenging to track the movement of funds and recover them:

The decentralization and anonymity provided by cryptocurrencies has fostered an environment for the storage and exchange of something of value, outside of the traditional purview of law enforcement and regulatory organizations. There is a portion of this cryptographic puzzle that continues to elude organizations—millions, perhaps even billions of dollars, exist within cryptowallets.

Related

 Criminal Charges Against John McAfee Are Warning to All Crypto Users: McAfee’s Legal Defender

The IRS is looking for someone who will be able to build a forensics tool for breaking into crypto wallets:

The explicit outcome of this contract is to tame the cybersecurity research into measured, repeatable, consistent digital forensics processes that can be trained and followed in a digital forensics’ laboratory.

However, the consensus among security researchers appears to be that hardware wallets have very few vulnerabilities to successfully hack them, which means that the IRS’s effort will likely ultimately end up being futile.

Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.

Leave a Reply

Your email address will not be published. Required fields are marked *