Monero (XMR) Security Breaches – How Safe Is The XMR?
It’s evident that Monero (XMR) is not going through a delightful period right now as increasingly more Monero (XMR) security breaches affected the people’s confidence in the most popular privacy coin in the cryptocurrencies market. Since more and more cybercriminals employ different methods, such as cryptojacking, to grab XMR, the Monero (XMR) community started to wonder how safe is the XMR right now?
While almost every cryptocurrency in the market was at least once involved in a cyber attack, Monero (XMR) seems the most popular target lately, with many hackers preferring it over other cryptos because of its private nature as it maintains the anonymity of the transactions conducted on the Monero blockchain.
While earlier this year about 200,000 routers were infected with a malware that mined for Monero (XMR), silently in the background, more recently, just a few days ago, it was the turn of the Google Chrome MEGA extension to be affected by a cryptojacking program for mining XMR.
How safe is the XMR with so many Monero (XMR) security breaches?
Apparently, as a recent Weiss Ratings survey reported, Monero (XMR) is still considered the best privacy coin in the cryptocurrencies market, despite the recent security breaches. More specifically, about 65% of the respondents stated the Monero (XMR) is still their first choice when they need to use a privacy coin.
While it might be too early to give a crystal-clear verdict regarding how safe is the XMR, we could state that, even though the majority of cybercriminals are using Monero (XMR) and its blockchain precisely because it offers anonymous transactions, Monero (XMR) remains a secure cryptocurrency.
In reality, just because some hackers are deploying increasingly more illegal crypto mining programs that mine for XMR by using the hacked computers’ processing power, nobody can blame Monero blockchain for that. Also, while Monero (XMR) security breaches existed and, most likely, will still be there from now and then, the XMR remains safe and the best privacy coin in the market.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.