61.3 F
Washington D.C.
Saturday, October 1, 2022

ProtectedBy.AI Awarded DoD Contract to Develop Innovative Tools to Combat Criminal Cryptocurrency Transactions

ProtectedBy.AI has received an award worth up to $7.6 million through the Consortium Management Group, Inc., on behalf of the Consortium for Command, Control and Communications in Cyberspace (C5) to support the Irregular Warfare Technical Support Directorate (IWTSD) and their Counter Threat Finance (CTF) program. The award is to develop a prototype solution that will research, analyze, and identify transactions within blockchain records.

Cryptocurrencies and other blockchain-based virtual assets have unique characteristics that can frustrate financial investigations. Crimes are often conducted behind the veil of technologies that were purposefully developed to obscure the identity of the underlying transactors. This can impede law enforcement agencies’ abilities to detect, trace and prosecute offenses by depriving investigators of one of the most powerful tools in their arsenal: The ability to “follow the money.”

The anonymity inherit to cryptocurrency is increasingly being used to facilitate unlawful transactions and enable crimes including narcotrafficking, human trafficking, extortion, corruption and ransomware. Cryptocurrency is likewise providing criminals with a way to effectively circumvent Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) banking laws and regulations.

The IWTSD identifies and develops capabilities for irregular warfare for numerous adversaries for the Department of Defense (DoD), Special Forces and Department of Homeland Security (DHS).

C5 is a consortium composed of leading companies and institutions in the Command, Control, Communications, Computers. Intelligence, Surveillance and Reconnaissance (C4ISR) and cyber technology sectors. C5 accelerates the development and deployment of new capabilities to the warfighter through the use of Other Transaction Authority. C5 gives members an innovative and commonsense acquisition mechanism for development of new technologies and products to meet government customer requirements.

ProtectedBy.AI develops software solutions that are at the intersection of Cybersecurity, Artificial Intelligence, Blockchain, Intelligence Analysis, and Socio-Cognitive Psychology for the purpose of protecting People, Property, Places, & Profits. Their products focus on Cybersecurity, Intelligence Analysis and providing their clients with the data-driven insights they need to succeed.

Homeland Security Todayhttp://www.hstoday.us
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

Related Articles

- Advertisement -

Latest Articles