Some hackers are now ditching Bitcoin and other crypto tokens because of Monero. Experts claimed this new digital currency offers 100% anonymity.
New crypto called Monero is currently becoming more popular than ever. However, its popularity is not based on its value. Instead, security experts claimed that more and more digital currency fans are using the new Monero since it can offer almost 100% privacy.
But, this new crypto brand could also lead to some severe security breaches since it is now used by various hackers and other online attackers. Monero became more popular after the FBI discovered that hackers, especially those behind the latest Colonial Pipeline attack, are now using this new.
When the FBI successfully breached a crypto wallet held by the Colonial Pipeline hackers by following the money trail on Bitcoin’s blockchain, it was a wake-up call for any cybercriminals who thought transacting in cryptocurrency automatically protected them from scrutiny.
Crypto experts explained that one of the core tenets of bitcoin is that its public ledger, which stores all token transactions in its history, is visible to everyone. This is why more hackers are turning to coins like dash, zcash, and Monero, which have additional anonymity built into them. Monero, in particular, is increasingly the digital currency of choice for the world’s top ransomware criminals.
The rising crypto Monero was previously released way back in 2014. This new digital currency was created by a consortium of developers. However, unlike other developers, this group decided to become anonymous to show their product’s main goal. They said that Monero’s main goal is to provide privacy and anonymity.
Unlike other cryptocurrencies, the rising privacy token operates on its own blockchain, which hides virtually all transaction details. The identity of the sender and recipient, as well as the transaction amount itself, are disguised.
Because of these anonymity features, the Monero token allows cybercriminals greater freedom from some of the tracking tools and mechanisms that the bitcoin blockchain offers.
Fred Thiel, former chairman of Ultimate, said that “on the bitcoin blockchain, you can see what wallet address transacted, how many bitcoin, where it came from, where it’s going.” He added that the new token “obfuscates the wallet address, the amount of the transactions, which the counter-party was, which is pretty much exactly what the bad actors want.”
While bitcoin still dominates ransomware demands, more threat actors are starting to ask for the Monero token, according to Marc Grens, president of DigitalMint, a company that helps corporate victims pay ransoms. If this continues to grow, security experts and other authorities will have a hard time catching hackers and cybercriminals through their digital currency transactions.
But, researchers explained that the new digital token still can’t provide 100% privacy. Aside from this, Monero also has some issues when it comes to becoming a mainstream cryptocurrency. For one, it’s not as liquid as other cryptocurrencies, many regulated exchanges have chosen not to list it due to regulatory concerns, explained Mati Greenspan, portfolio manager and Quantum Economics founder.