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HomeLaw & PoliticsPentagon launches initiative to evaluate threats related to cryptocurrencies

Pentagon launches initiative to evaluate threats related to cryptocurrencies

As per the September 23 post media report, Pentagon, the headquarters of the United States Defense Department, has started a new study to examine various digital currencies and evaluate what kind of threats they might represent to national security.

Pentagon

The Defense Advanced Research Projects Agency (DARPA), which developed technology like drones, weather satellites, voice interfaces, internet and GPS that have changed the world, will be concentrating on analysing the enormous cryptocurrency industry.

Moreover, the agency has partnered with Inca Digital, a digital asset data analytics provider, to operate on the announced project, which is anticipated to take around a year.

Adam Zarazinski, CEO of Inca Digital, claims that his company will aid in the government’s knowledge of how blockchains operate. The alliance aims to make it simpler to identify bitcoin fraud and shady trading practices.

The initiative aims to counter the attempts of criminal organisations and rogue governments that use digital assets to carry out their illegal activities.

According to a media report, the U.S. Treasury Department early in August banned Tornado Cash, a popular Ethereum-based coin mixer.

Earlier this year, hackers in North Korea utilise the coin mixing tool to steal money taken from numerous well-known cryptocurrency projects.

As per a news report, the U.S. government was able to retrieve some of the money that Lazarus Group had taken from the Axie Infinity game earlier this month.

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