Pentagon Launches Review of Crypto to Crack Down on Illegal Uses

AnalysisPentagon Launches Review of Crypto to Crack Down on...



Alex Dovbnya

The Pentagon has started reviewing cryptocurrencies in order to assess what securities risks they present

The Pentagon, the headquarters of the U.S. Defense Department, has launched a new program in order to review various cryptocurrencies and determine what kind of threats they could pose to national security, according to a Friday report published by The Washington Post.

The Defense Advanced Research Projects Agency (DARPA), which has come up with such world-changing technologies as the internet, weather satellites, GPS, drones, and voice interfaces, will be focused on mapping out the vast crypto market.

The agency has hired digital asset data analytics company Inca Digital to work on the aforementioned project, which is expected to last for about a year.

Ads

According to Inca Digital CEO Adam Zarazinski, his firm will help the government to get a better understanding of how blockchains function. The collaboration is also meant at making it easier to spot cryptocurrency scams and fraudulent trading activities.

The project is meant to undermine the efforts of rogue regimes and criminals who rely on digital assets for conducting illicit activities.

As reported by U.Today, Tornado Cash, a widely used Ethereum-based coin mixer, was sanctioned by the U.S. Department of Treasury in early August.

The coin mixing tool was used by North Korean hackers in order to launder funds stolen from multiple prominent crypto projects earlier this year.

Earlier this month, as reported by U.Today, the U.S. government managed to recover a portion of funds stolen from the Axie Infinity game by Lazarus Group.



Learn more

Latest news

State Street Says Crypto Trading Could Damage Its Reputation

Alex Dovbnya Second oldest American bank does not want to risk its reputation by venturing into cryptocurrency trading at...

Market Wrap: Markets Seem Hopeful the Fed Will Temper Rate Increases That Crushed Prices

Unexpectedly poor data on U.S. job creation spurs speculation the worst of the bear market may be over....

Here’s how Hyundai’s new security system is targeting TikTok thefts costs

Relief is on the way for Hyundai owners concerned about the ongoing theft spree affecting some of the automaker’s vehicles. Thousands...

If Credit Suisse collapses, how will it affect the crypto market?

Tune in to The Market Report at 12:00 pm ET on Tuesday, Oct. 4, to watch our...

XRP May Make Everyone Cry, This Trader Says

Alex Dovbnya The XRP price might be on the cusp of another significant rally after soaring in September Disclaimer:...

Bitcoin Reclaims $20K, XRP Rises 6%, Here’s Potential Reason for Rebound

Bitcoin regained the $20,000 mark on Oct. 4, trading above the psychological level at press time. The leading...

Must read

State Street Says Crypto Trading Could Damage Its Reputation

Alex Dovbnya Second oldest American bank does not want...

Market Wrap: Markets Seem Hopeful the Fed Will Temper Rate Increases That Crushed Prices

Unexpectedly poor data on U.S. job creation spurs...

Here’s how Hyundai’s new security system is targeting TikTok thefts costs

Relief is on the way for Hyundai owners...

You might also likeRELATED
Recommended to you