Cybersecurity

Military innovation office launching effort to assess cryptocurrency threats to national security

FILE - The Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H., Feb. 9, 2021.
(AP Photo/Charles Krupa, File)
FILE – The Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H., Feb. 9, 2021. A bipartisan group of senators has proposed a bill to regulate cryptocurrencies. It’s the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked recently by collapsing prices and lenders halting operations. (AP Photo/Charles Krupa, File)

The innovation office of the U.S. military is introducing an effort to assess cryptocurrency threats to national security and law enforcement, aiding authorities in preventing illegal uses of digital assets.

“The program underway here involves mapping out the cryptocurrency universe in some detail,” DARPA program manager Mark Flood told The Washington Post.

He continued: “We just need to acknowledge that the financial sector may be a component of modern warfare going forward, and anything we can do to reinforce and protect the U.S. financial sector and our allies’ financial sectors is beneficial.”

Flood referenced digital attacks by countries including North Korea and Russia, which launched attacks on the Ukrainian financial industry before it invaded Ukraine earlier this year.

The Defense Advanced Research Projects Agency (DARPA) told the Post that it had hired crypto intelligence firm Inca Digital to work on its launch of the analysis project, which will take place over the span of a year.

Inca Digital will provide DARPA with specialized instruments to provide a more in-depth assessment of crypto markets.

The Hill has reached out to DARPA and Inca Digital for comment on the project.

Tags Cryptocurrency DARPA Russia
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