The US Army and the Department of Defense are looking for an existing application that can supplement their crypto monitoring activities
The US Department of Defense, has posted a request for information (RFI) on the government website for web-based cryptocurrency tracking tools. The RFI, with the title “Cryptocurrency Investigative Web-Based Application,” was made accessible to the public on July 10.
The RFI specifies that the two government agencies are keeping an eye out for “a web-based application capable of assisting law enforcement to identify and stop actors who are using cryptocurrencies for illicit activity such as fraud, extortion, and money laundering”.
The post also contains a Statement of Work (SOW) that describes their ideal contractor as someone who can provide a web-based solution as a service (SaaS), and who can give crypto transaction tracing in real-time.
The SOW emphasises that the web-based application must already be a finished product and that the RFI is not asking for the development of a new application entirely.
The US Army Criminal Investigation Command (USACIDC) will be responsible for administering the service. However, users of the services can be located anywhere in the US and overseas.
Intended users of the app include the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the Securities and Exchange Commission (SEC), Immigration and Customs Enforcement, (ICE, the Internal Revenue Service (IRS) and the Transportation Security Administration (TSA).
This request from the DoD occurs after the US Department of Homeland Security and the Secret Service awarded a contract to Coinbase over blockchain analytics software.
It also arrives nearly one year after the army published a pre-solicitation notice stating that users of this app will be located anywhere in the US and overseas, as long as there is a Computer Crimes Investigation Unit (CCIU) presence.
The app will be used to enhance the government’s capability to track and monitor illicit activity, which includes fraud, extortion and money laundering.
Cryptocurrencies have grown rapidly in popularity in recent times, especially with the coronavirus pandemic pushing entities to look for ways to continue important activities, such as work, finance management and leisure, while ensuring the welfare of everybody involved. This also coincides with a spike in cybercrimes and hacker activity around the world.