Finland’s National Bureau of Investigation Claims to Track Monero Transactions
An article in Finnish publication MTV Uutiset recently reported that Finland’s National Bureau of Investigation (KRP) had successfully tracked transactions made using the privacy-preserving cryptocurrency Monero. However, according to Csilla Brimer, a former member of the MAGIC Monero Fund committee, it is unlikely that Monero itself has been compromised. Brimer suggests that investigators were able to trace some transactions due to operational security mistakes made by users, rather than any vulnerability in Monero.
KRP Investigates Transactions Tied to Data Breach
The KRP has been investigating transactions linked to the 2018 data breach and subsequent extortion of Finnish psychotherapy provider Vastaamo. In 2020, hackers stole data from the company and threatened to release patients’ private information unless they were paid. The investigators sent Bitcoin and Monero funds to the provided address and have been analyzing how the wallet moved these funds.
KRP Claims to Have Traced XMR Transactions
The KRP claims to have figured out how to trace Monero (XMR) transactions, although they have not disclosed their methods. Marko Leposen, head of the investigation, stated that all sections of the additional investigation report revealing their methods have been encrypted. This lack of transparency has led to concerns and speculation about how exactly the KRP was able to track these transactions.
Monero Remains Resilient Despite Controversy
Despite being banned by several exchanges and facing accusations of money laundering, Monero remains the largest privacy coin with a market cap of $2.8 billion. Csilla Brimer, who was elected to the MAGIC Monero Fund in 2022, is not concerned about the claims made by Finnish officials. Monero’s value has remained relatively stable, trading at $158.22 per coin as of Friday morning.
Privacy Coins Face Delisting Risks
Monero is not the only privacy coin to face scrutiny and potential delisting from exchanges. Bittrex, BitBay, Huobi, and Kraken have all delisted Monero or other privacy coins to comply with regulatory requirements aimed at curbing money laundering. Binance, the largest cryptocurrency exchange, has also expressed concerns about privacy coins meeting its listing criteria due to higher volatility and risks.
Hot Take: Monero’s Privacy Features Remain Intact Despite Tracking Claims
The recent claims by Finland’s National Bureau of Investigation regarding tracking Monero transactions have raised concerns about the privacy features of the cryptocurrency. However, according to experts like Csilla Brimer, the issue lies more in user operational security than any compromise of Monero itself. While regulators may seize upon such claims to push for stricter regulations on privacy coins, Monero’s robust privacy measures continue to protect transaction details effectively. As one of the largest privacy coins in terms of market capitalization, Monero remains resilient despite facing delisting risks from various exchanges.
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