FBI to monitor cryptocurrency transactions related to illegal activities

The bureau is looking for an analytics software provider to track the activity of most liquid cryptocurrencies

24.02.2022 - 12:40

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1 min

What’s new? A contract has been published on the US government’s official website in which the Federal Bureau of Investigation requires a private software provider to monitor cryptocurrency transactions. It is necessary to ensure integration with the agency’s systems. The contract with the provider is scheduled to be concluded on March 25, 2022, with the condition of annual renewals in the next four years.

Link to the contract

What are the requirements? The provider will need to demonstrate the tool. The software has to provide monitoring of 95% of the largest cryptocurrencies in CoinMarketCap’s rankings. The software is required to be able to track the geographical binding of TOR servers and alert on the detection of suspicious transactions. The need for such software is dictated by the popularity of cryptocurrencies among criminals for drug trafficking and terrorist financing.

What preceded it? Earlier, the FBI formed a unit to analyze suspicious blockchain transactions, which will deal with the confiscation of digital assets. The reason for the new unit was the precedent of the largest seizure of 94 000 BTC by the law enforcement agencies and the US Department of Justice.

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