Tuesday, September 10, 2024
3
Reading time: minutes ▪ Author:
Monero transactions, a cryptocurrency often focused on privacy and security, may not be as untraceable as previously thought. According to a leaked and quickly removed video from Chainalysis, Monero (XMR) transactions may be traceable using “malicious” nodes that capture details such as IP addresses of cryptocurrency users.
Cryptocurrency: Monero's privacy called into question after leak!
According to a Reddit user, the video shows how Chainalysis was able to track Monero transactions since 2021. The revelation has raised major concerns among Monero users and investors, as the cryptocurrency is often presented as a “secure, private, and untraceable cryptocurrency that keeps your money private.”
A leaked Chainalysis video details the method used to track Monero transactions. Chainalysis appears to deploy numerous Monero nodes from different geographic locations and Internet Service Providers (ISPs) to capture IP addresses and timestamps of cryptocurrency transactions. By combining this information with dummy transaction inputs, Chainalysis can potentially make Monero transactions less anonymized.
This potential ability to trace XMR transactions raises questions about the true privacy offered by Monero. While the Monero blockchain is designed to hide the origins of transactions through ring signatures and other privacy techniques, Chainalysis' methods could violate the privacy of some cryptocurrency users.
Reactions and impacts
The leak of this video sent shock waves throughout the crypto community, with Monero users in particular expressing concern that their transactions could be traced. The situation highlights the ongoing challenges that privacy-focused cryptocurrencies such as Monero face in maintaining their promise of complete privacy.
However, it is important to note that despite these revelations, Monero is still widely considered to be one of the most privacy-protected cryptocurrencies. Just because Chainalysis is able to trace some transactions does not mean that all Monero transactions are compromised. Users should remain vigilant and informed about best practices for protecting their online privacy.
This leaked Chainalysis video raises serious concerns about the traceability of Monero transactions. While Monero continues to position itself as a private and secure cryptocurrency, users must be aware of the potential risks and take steps to protect their anonymity.
Get the most out of your Cointribune experience with our “Read and Earn” program. Earn points every time you read an article and get access to exclusive rewards. Sign up now and start earning rewards.
To survive in the world university, adapt to society and live a safe life. Community manager manages the base cryptocurrency and works on blockchain and its development. Experience and fair management should be considered with passion in the domain and release the article information and contract.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
