JAKARTA – A leaked video from Chainalysis has revealed the possibility of tracking Monero transactions (XMR). Monero, known as a cryptocurrency that prioritizes privacy and confidentiality in transactions, is currently facing a major challenge. The viral video shows how blockchain intelligence company Chainalysis is able to track XMR transactions and associate them with relevant IP addresses.
The video, which has since been deleted, shows the tracing method Chainalysis has been using to track Monero transactions since 2021. One Reddit user, who goes by the pseudonym u/lt, posted an image from the leaked video and explained that Chainalysis likely uses malicious (risky) nodes running in different geographic locations and Internet Service Providers (ISPs) to capture IP addresses and timestamps from transactions as they occur.
According to users, the company may also harvest data from popular wallet nodes used by the Monero community and use fake inputs and decoys to reduce users' levels of anonymity, though this has not been officially confirmed by Chainalysis.
The news has raised concerns among the crypto community, especially as Monero is known as a crypto asset that excels at maintaining the privacy of user transactions. Monero is often positioned as a secure, private, untraceable crypto asset with the key feature of maintaining the confidentiality of user funds.
But despite the concerns the leak has raised, some people actually see Chainalysis' move as part of an attempt to make Monero more secure. Another user, who goes anonymously by the name u/It, said that Chainalysis is just doing its job of tracking blockchain transactions, and that no one is banned from running nodes that collect transaction information or IP addresses.
While this claim about potential tracking is surprising, some Monero investors aren't too worried because Monero is one of the more difficult blockchains to track for most people outside of certain entities with advanced blockchain expertise, like Chainalysis.
However, the leak does provoke further discussion about privacy protections in the crypto ecosystem, especially for those who rely on Monero for financial privacy. With the development of tracing technology by companies such as Chainalysis, the challenge for Monero to continue to maintain its reputation as an untraceable cryptocurrency is becoming increasingly real.
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