Monero Transactions Cannot Be Traced, Says Europol
As you already know, Monero is the most popular privacy coin. It’s been just revealed that a recent public statement made by the European Cybercrime Centre (EC3), part of Europol, confirms, there is a good reason for this.
Europol confirms the anonymity of Monero
Jerek Jakubcek of EC3 explained during a Blockchain Alliance webinar on privacy coins, Europol closely follows their development. During the webinar, he noted that XMR transactions are still cannot be analyzed or traced, says the online publication CryptoNewsFlash.
The government classed privacy coins as a greater threat than regular crypto. For instance, various investigations, and use cases have shown so far that the use of Tor and Monero makes it impossible to trace suspects’ funds.
IP addresses and transactions cannot be traced
Neither the IP address nor the transactions themselves could be traced.
“Since the suspect used a combination of Tor and [Monero], we could not trace the funds. We could not trace the ip-adresses. Which means, we hit the end of the road. Whatever happened on the Bitcoin blockchain was visible, and that’s why we were able to get reasonably far.”
The strength of Monero is a key example of the reasons for which privacy should never be an opt-n solution.
As soon as the funds were transferred to Monero, regardless of the way this was done, Europol’s investigation ended:
“But with Monero blockchain, that was the point where the investigation has ended. This is a classic example of one of several cases we had where suspects decided to move funds from Bitcoin or Ethereum to Monero.”
You should check out this video in order to find out more details.
Monero in the crypto market
In terms of pricing, at the moment of writing this article, Monero is trading in the red and the privacy-oriented coin is priced at $46.92.
The coin managed to stay above $45 these days.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.