Army Investigative Unit Looks to Detect and Trace Cryptocurrency Transactions
The Army Contracting Command, a top Pentagon investigative unit, announced plans to tap into an existing cloud-based solution in order to quickly detect unlawful cryptocurrency transactions. The entity invited potential new partners to offer opinions on their capacity to supply a cryptocurrency investigation service, stating that the application must provide the capacity to assist law enforcement in preventing, identifying, and stopping threat actors using cryptocurrencies for illicit activity.
This illicit activity includes fraud, extortion, and money laundering. The service must also enable the agency to conduct in-depth investigations into these threat actors and the sources of cryptocurrency transactions. The adoption of cryptocurrency has been on the rise for the past several years. A report from the blockchain analysis firm Chainalysis concluded that 18% of Americans, and 35% of Millenials, used cryptocurrency in some form within the past year.