Recent leaks have raised concerns about Monero (XMR), a privacy-focused cryptocurrency. The video, which was deleted shortly after it was published online, reportedly shows that blockchain analytics firm Chainaries is able to track transactions on the Monero network. Given Monero's reputation as a private and secure digital currency, this has caused a great deal of debate within the cryptocurrency community.
Chainalysis seems to have found a way to track $XMR Transactions despite cryptocurrencies' privacy claims. A video detailing how they were tracked was posted, but quickly deleted. Officials say the video will be released in 2021 and beyond by researchers… pic.twitter.com/PJaRKD9vYk
— Crypto4light (@vladi4light) September 9, 2024
The video is said to detail methods used by Chainaracy to monitor Monero transactions dating back to 2021. A Reddit user named u/lt posted information about the leaked footage, claiming it shows how Chainaosis uses its own Monero nodes to collect data. “We ran numerous xmr nodes from different geographic locations and ISPs to obtain transaction IP addresses and timestamps,” the user wrote, adding that Chaineries logs sensitive details such as IP addresses and transaction times. This suggests that it could have been recorded.
According to the Reddit post, the company's approach has the potential to combine this data with “decoy” inputs to “reduce the anonymity” of Monero transactions. In doing so, Chainaracy was able to identify specific transactions, but the technique worried some in the cryptocurrency community. The video raised questions about whether Monero's touted privacy features were compromised for some users.
Some people are concerned about the potential traceability of Monero transactions, but not all users are. Some in the Monero community believe that even though Chainaracy can track certain transactions, Monero's extensive privacy features are still valid. “They're just doing their job of tracking transactions on the blockchain,” the same Reddit user wrote, adding, “No one is saying you can't run nodes that collect transaction and IP information.” Ta. This view suggests that Chaineries could be seen as enhancing security by identifying vulnerabilities, similar to “white-hat hackers.”
Another user said on X: “Monero has the best gorilla marketing in the game, but just about everyone is downgrading Monero and spreading scandal. Monero is designed to work as intended.”
Despite this view, the leak caused a huge backlash against Chainalysis. Many have criticized the company as unethical in operating these nodes to collect user data. Chainalysis has not commented on the leaked video or the alleged tracking of Monero transactions and has remained silent.
For now, Monero's reputation as a private cryptocurrency remains, but concerns raised by the leaked video have led to calls for more scrutiny of the practices employed by blockchain analytics companies like Chainaries. is increasing.
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Lawrence does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu Cryptocurrency Project. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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