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Monero: drug money in incognito mode?

 


Monero (XMR) is by far the largest privacy coin with a market capitalization of over four billion US dollars.

The cryptocurrency running on the CryptoNote protocol has implemented a whole bunch of different privacy features, including ring signatures, confidential ring transactions (RingCT), shadow addresses, also called stealth addresses, and the Kovri program.

Together they ensure that both senders and recipients, their locations and transaction amounts are concealed.

So far, there has been little opportunity to blow up this protective wall.

The blockchain forensic experts from Ciphertrace and Chainalyis have not yet succeeded – at least officially – in developing appropriate tracking tools.

Because of its high degree of anonymity, Monero is often used as a payment method on the dark web.

According to Chainalysis, there has been an increase in ransomware – so-called ransomware – in connection with Monero .

The accusations of a cryptocurrency used exclusively for criminal purposes are countered by the benefits of the privacy coin: anonymity, censorship-resistant money transfer, protection against reprisals.

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