The Financial Times has one items with the title “Monero is the preferred cryptocurrency for cyber criminals”, whereby the data protection coin Monero (XMR) is increasingly chosen by cyber criminals as an alternative to Bitcoin.
Why? Because of its security features such as hidden addresses and ring signatures
Hide information about sender, recipient and amount.
In cryptography, a ring signature is a type of electronic signature that can be carried out by any member of a user group, each of whom has a key.
Financial Times targets Monero (XMR) claiming that cyber criminals are increasingly taking advantage of them using
“Bitcoin has long been the payment method of choice for cyber criminals who want to launder money for illegal purposes. But another cryptocurrency appears that promises to make dirty money disappear without a trace. “
The recent attacks on the Colonial Pipeline and JBS ransomware demanded a ransom. This raises many questions about when the FBI was able to get some of the funds back in the case of Colonial Pipeline and why the hacker asked about Bitcoin when its security features are fairly weak.
However, sensational headlines in mainstream media are often more negative. Especially with crypto, where misunderstandings can create false stories across the community.
While we should all be wary of cybercrime, it is time to separate crime from our privacy.
Monero is not a hot spot for criminals
The Financial Times claims that Monero’s security features are making it increasingly popular with criminals. This makes the work of law enforcement agencies much more difficult. You also mentioned that the criminal factor is driving Monero’s growth.
Unfortunately, there are some problems with this claim.
First, any hacker with natural abilities will attract privacy coins. Associating privacy functions with criminals is as unreasonable as claiming that the people with large amounts of cash are drug dealers. In addition, Monero has been around since 2014 and if so, it has become more popular than other cryptocurrencies. For example, in January 2020 Monero was in the top 10 coins by capitalization. However, it currently ranks 26th, contrary to the notion that cybercriminal activity is putting pressure to buy on XMR. In addition, a
research
on the illegal use of cryptocurrencies found that the majority of criminal activity occurs in fiat and through traditional financial institutions.
“Meanwhile, estimates of illegal activity across the economy, mainly through traditional financial intermediaries and with traditional fiat currencies, account for 2 to 4% of global GDP”.
Privacy is not a crime
Michael Saylor says he set up a bitcoin mining council to make sure anti-crypto folks can’t control the bitcoin narrative and mining.
There are similarities between this right and our right to privacy. But the problem is that most people have become so dependent on the media and authorities that they are willing to give up their rights and even alienate those who point out the problem.
It is time we realized that “privacy is bad” claims are just a nervous wait for a digital dictatorship.
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