Tuesday, October 20, 2020

Europol warns! – The perfect coin for criminals

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Autor

Philipp Burger

Treuhänder mit eidg. Fachausweis Steuerexperte

Many readers probably think of Bitcoin now. But what many do not know: The transactions of Bitcoin are no longer as anonymous as perhaps most people think. A completely different Coin makes the life difficult for the prosecution authorities. Which coin does Europol warn against?

The Perfect Privacy Coin

Which coin is the perfect privacy coin for criminals? Monero – who would have thought it! Because if Monero users decide to cover up their transactions, they cannot be traced between sender and recipient. A Europol employee comes to this conclusion. However, this finding contradicts earlier discoveries that XMR transactions can reveal the identity of the user. So what is true?

Block chain analysis is impossible in the Monero network

The fact is: Monero transactions are still not traceable for authorities! A presentation from the “European Center for Cybercrime” shows that even extensive investigations cannot detect coin movements or IP transactions. These details about XMR were mentioned in a webinar for Blockchain-Alliance. The analyses of the expert Jerek Jakubcek show that Europol is closely following the development of so-called anonymous coins.

Containment of anonymous krypton use

The great interest shown by the European authorities in the Monero transactions clearly shows that the containment of anonymous krypton use is a fundamental issue. Already last year, Europol took action against Bestmixer. Bestmixer is a leading Bitcoin mixing service. This is a combination of Tor Browser and an Anonymous Coin with the approach to cover tracks. Although the Monero protocol shows a flaw that has recently exposed IP addresses, there are several approaches to hide relevant data in the Monero network.

Bitcoin and Ethereum – Complete transparency

Ethereum as well as Bitcoin have so-called public blockchains, which offer a difficult way to track transactions but also a transparent one. As soon as the coins like Bitcoin or Ethereum reach the Monero network, the trace ends!

In 2020, a new law is planned that will force exchanges to report the history of transactions of assets in crypto-currencies. And not only the transaction itself, but also the origin of the funds. With Monero (XMR), however, such detailed information would not be possible.

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