UK Customs and Excise seeks to expose cryptocurrency cyber criminals through technology investments

According to PT, the UK Revenue and Customs Authority (HMRC) is seeking to invest in crypto analytics to help it identify and investigate criminals who trade bitcoin and other virtual currencies. Although free online tools and manual analysis of raw blockchain data can reveal these transactions, the agency believes that investing in commercial products will enable investigators to fill the "intelligence gap" in how cryptocurrency transactions currently support criminal activity against HMRC. The agency is seeking to provide a tool that supports intelligence-gathering methods to identify and classify crypto asset transactions as connected transactions, and to identify transactions associated with crypto asset service providers. The product must use "cluster analysis" to attribute transactions to companies or service providers, especially those companies or service providers known to operate gambling services, dark web operations, or "hybrid" scams of cryptocurrencies. HMRC needs tools that can track at least ETH, ETC, BTC, BCH, XRP, USDT and LTC transactions and value fluctuations. The agency also hopes to develop products that track Monero, Zcash and Dash. A budget of £ 100,000 can be used to cover the one-year license fee for the selected tool. The deadline for invitations to invite potential suppliers is January 31, which is earlier than the scheduled contract start date of February 17. According to HMRC: Successful service providers must have the right people, the right assets and deep experience. The key is that we will look for vendors to demonstrate their capabilities by demonstrating their expertise in the field of crypto asset tracking.