We do the research so you can get the alpha!
Get exclusive reports and access key insights on airdrops, NFTs, and more! Subscribe to Alpha Report now and get ahead of the game!
Go to alpha report
An article in a Finnish publication earlier this week MTV utility set Finland's National Investigation Agency (KRP) claims to have successfully traced transactions made using privacy-preserving cryptocurrencies Monero.
However, a former member of the MAGIC Monero Fund committee said it is unlikely that Monero itself was compromised. Decryption. Csilla Brimer said it was likely that Monero itself was not compromised, but rather due to operational security issues on the part of users that allowed investigators to trace some transactions.
“If you don't pay attention to operational security and keep switching between Bitcoin and Monero, your information could be compromised,” she said. Decrypt. “Regulators may use this gaffe to claim they can go after Monero.”
Brymer, a blockchain consultant and co-founder of the Open Economy Initiative, added: “Monero is very strong in protecting the details of transactions, but it can't protect you from making mistakes in your own security habits.” .
KRP is investigating transactions made by addresses associated with the 2018 Finnish psychotherapy provider Vastaamo data breach and subsequent extortion. In 2020, hackers stole data from the company twice and then threatened to release patients' personal information unless the company paid them. Investigators sent 0.1 BTC to the address provided and have since analyzed how the wallet moved funds in Bitcoin and Monero.
This is what led KRP to claim that it has figured out how to track XMR transactions, even if the organization doesn't want specifics about how it did it.
All sections of the additional research report include: [NBI] The head of the investigation, Marco Reposen, said the method was encrypted. MTV utility set The translated version of the article added that the authorities do not want to reveal anything about the analysis of Monero traffic.
Brimer, who was elected to the MAGIC Monero Foundation board in 2022, didn't seem concerned about the Finnish officials' claims. Despite being banned by several exchanges, XMR is the largest privacy coin with a market capitalization of $2.8 billion. It was trading at $158.22 per coin as of Friday morning, up 1% in the past 24 hours, according to CoinGecko data.
Still, it is often one of the major projects to draw attention to money laundering allegations.
Bittrex, BitBay, and Huobi all delisted Monero to appease regulators who say they are trying to curb money laundering. And in 2021, US-based Kraken delisted Monero for its UK customers to comply with the country's AML regulations. Monero is currently one of several privacy coins at risk of being delisted from Binance, the largest cryptocurrency exchange by volume.
Earlier this year, Binance said in a blog post that Monero, Zcash, and other privacy coins “exhibit significantly higher volatility and risk than other publicly traded tokens” and are “at risk of failing to meet our listing criteria.” Ta.
Edited by Stephen Graves.
