Monero's days as a true "privacy coin" may be numbered.
Monero (XMR) has long been recognized as one of the most powerful 'privacy coins' in the industry; the coin is a favorite of users who want to be as anonymous as possible in their transactions. However, Monero’s days as a true 'privacy coin' may be numbered.
Indeed, Cybersecurity firm Ciphertrace filed not one, but two patents for technology that it claims is capable of tracking transactions on the Monero network.
”Law Enforcement Interest in Monero Tracing Has Soared.”
“With 45% of darknet markets now supporting Monero — the second-favorite cryptocurrency of choice among criminals, just behind Bitcoin — law enforcement interest in Monero tracing has soared,” a blog post by the company said. Ciphertrace also said that the development of the technology is part of the scope of a United States Homeland Security project.
According to the same blog post, the patented technology includes “statistical and probabilistic methods for scoring transaction and clustering likely owners,” as well as “methodologies for gaining intelligence about transactions that rely on third party nodes,” and “development of original tracing methodologies based on simulation techniques and Bayesian approaches,” among other things.
Additionally, CipherTrace pointed out that with or without the transaction-tracing tools, privacy coins like Monero are facing more and more scrutiny from cryptocurrency exchanges.
Indeed, as law enforcement agencies continue to put pressure on these exchanges, the exchanges wish to distance themselves from criminal activity as much as possible: “some exchanges, such as OKEx and Upbit, have already delisted privacy coins based on their interpretation of FATF guidelines,” the blog post said. “This month, Colorado & Switzerland based ShapeShift delisted privacy coins Zcash, Dash, and Monero.”
This “Doesn’t Mean This Is Now as Transparent as Bitcoin Transactions.”
CipherTrace’s first Monero-tracing tech patent was filed in August of this year. At the time, Justin Ehrenhofer, organizer of the Monero community workgroup and a regulatory compliance analyst at DV Chain, told CoinTelegraph that while CipherTrace may have developed a “novel method” of tracing Monero transactions, it “doesn’t mean [Monero] is now as transparent as Bitcoin transactions.”
“Without specific information, any speculation is just that — speculation,” Ehrendorfer said.
Monero (XMR) has long been recognized as one of the most powerful 'privacy coins' in the industry; the coin is a favorite of users who want to be as anonymous as possible in their transactions. However, Monero’s days as a true 'privacy coin' may be numbered.
Indeed, Cybersecurity firm Ciphertrace filed not one, but two patents for technology that it claims is capable of tracking transactions on the Monero network.
”Law Enforcement Interest in Monero Tracing Has Soared.”
“With 45% of darknet markets now supporting Monero — the second-favorite cryptocurrency of choice among criminals, just behind Bitcoin — law enforcement interest in Monero tracing has soared,” a blog post by the company said. Ciphertrace also said that the development of the technology is part of the scope of a United States Homeland Security project.
According to the same blog post, the patented technology includes “statistical and probabilistic methods for scoring transaction and clustering likely owners,” as well as “methodologies for gaining intelligence about transactions that rely on third party nodes,” and “development of original tracing methodologies based on simulation techniques and Bayesian approaches,” among other things.
Additionally, CipherTrace pointed out that with or without the transaction-tracing tools, privacy coins like Monero are facing more and more scrutiny from cryptocurrency exchanges.
Indeed, as law enforcement agencies continue to put pressure on these exchanges, the exchanges wish to distance themselves from criminal activity as much as possible: “some exchanges, such as OKEx and Upbit, have already delisted privacy coins based on their interpretation of FATF guidelines,” the blog post said. “This month, Colorado & Switzerland based ShapeShift delisted privacy coins Zcash, Dash, and Monero.”
This “Doesn’t Mean This Is Now as Transparent as Bitcoin Transactions.”
CipherTrace’s first Monero-tracing tech patent was filed in August of this year. At the time, Justin Ehrenhofer, organizer of the Monero community workgroup and a regulatory compliance analyst at DV Chain, told CoinTelegraph that while CipherTrace may have developed a “novel method” of tracing Monero transactions, it “doesn’t mean [Monero] is now as transparent as Bitcoin transactions.”
“Without specific information, any speculation is just that — speculation,” Ehrendorfer said.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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