coinedition.com
The resurgence of the Alphabay darknet market has brought to light the use of Monero (XMR) as the cryptocurrency of choice for illegal activities. According to cybersecurity author Andy Greenberg in an interview with Laura Shin, Monero’s privacy features make it harder to trace compared to Bitcoin, which is currently the largest cryptocurrency by market value.
So what about privacy coins like Monero? 🛅
— Laura Shin (@laurashin) February 28, 2023
In his reporting on Chainalysis and others, WIRED’s @a_greenberg found that $XMR is traceable too.
📢 Listen: https://t.co/ZexlWUL3aE pic.twitter.com/bedUvpC2Lr
Greenberg explains that Monero hides and tangles up transactions, making it difficult for law enforcement agencies to track the flow of money. This has led some to believe that the “golden age” of cryptocurrency tracing may be coming to an end.
However, in another interview with Paul Ducklin, Greenberg reveals that he has seen a leaked Chainalysis document that tells Italian law enforcement they can trace Monero in the majority of cases, finding 60% of usable leads. This revelation challenges the common belief that Monero is completely untraceable.
The leaked document suggests that while Monero is indeed a difficult crypto to trace, it is not impossible. According to proponents in the field, this news is significant, as it shows that law enforcement agencies are making progress in their efforts to combat illegal activities carried out using crypto.
It is crucial to remember Andy`s statement to Laura Shin, that Monero’s privacy features have made it popular among individuals and groups involved in illegal activities. This includes drug and crime transactions on darknet markets like Alphabay.
The fact that law enforcement agencies have found ways to trace Monero could potentially lead to the identification and prosecution of individuals engaging in these activities, according to experts.
Overall, the revelation that Monero is not completely untraceable is an interesting development among the community in the ongoing battle between law enforcement agencies and criminals using cryptocurrency for illicit activities. Allegedly, while Monero remains a more secure option for illegal activities than Bitcoin, the possibility of tracing it could potentially have a significant impact on the use of cryptocurrency for illegal purposes.