FBI Eyes Software to Monitor Crypto Illicit Schemes

Source : coinquora.com

  • The FBI released a request for proposal.
  • The request is for software that can be used for the detection of illicit crypto use.
  • The FBI recently launched a crypto crime unit.

The Federal Bureau of Investigation (FBI) recently released a request for proposals (RFP). In this request, the organization asked for the supply of cutting-edge software to track the illegal use of cryptocurrencies. The Criminal Investigative Division (CID) says that they are looking for new software because of changes in the usage of virtual currency by illicit actors.

Moreover, the FBI said that they are looking for modern tracking and analysis tools that are competent enough to keep up with fast, ever-changing technologies that are used by illegal entities to avoid detection by law enforcement. 

In particular, the RFP needs the private contractor to provide software for virtual currency tracing, graphing, clustering, and attribution of virtual currency transactions. Also, the RFP calls for software that can support tracing of virtual currencies that comprise the top 95% of the market capitalization, as listed on coinmarketcap.com at the time of proposal.

Once a vendor passes the first phase of the evaluation, they will need to undergo the second phase. This phase will consist of demonstrations. And, one of these will be live and conducted by the ‘FBI’s controlled Innovation Lab.’

The contract with the FBI can be expected to start from March 25, 2022, for a one-year period, with options up to four additional years.

The FBI recently launched an entire unit dedicated to tracking and seizing illicit cryptocurrencies. The new team, termed the Virtual Asset Exploitation Unit, will be streamlining the FBI’s cryptocurrency expertise. It will also provide blockchain analysis, virtual asset seizure, and training to the rest of the FBI.

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