The latest XMR research shows that criminals prefer Monero over bitcoin as the cryptocurrencies have been attracting illegal dealers since they were created. Because of their anonymity and security, Bitcoin was mostly used as a payment method on the darknet markets but lately, criminals have started paying more attention to Monero because it allows them to enhance their disguise. Let’s learn more in the Monero news.
Unmatched features such as having almost no regulation and the decentralized nature of Monero, are what make the cryptocurrency the most preferred payment method for cybercriminals which is why criminals prefer Monero. Bitcoin is still used for the purposes of paying illegal goods on the darknet, such as drugs and weapons. According to the report by Bitfury, the total value of BTC transacted on the dark web increased by 65% in the past year or 340% in the last 36 months. However, as regulators are pressing hard on the cryptocurrency, operators of shadow markets are turning to less regulated coins such as XMR.
Monero offers enhanced privacy and less volatility but it is also cheaper and much more anonymous. It offers its user’s ring signature and Kovri I2P implementation as well as stealth addresses which enable users to obscure the source of one transaction. Despite them, both offering high levels of anonymity, Bitcoin’s blockchain leaves gaps for the watchdogs to track once the transaction happened. Authorities managed to trace Dread Pirate Roberts back in 2013 because of a lead on the market. This shows that Bitcoin is not actually safer.
XMR encrypts the origin of the transaction and the amount so the users can use the token safely and carry out their operations under the cover of digital secrecy. Monero makes it possible for the users to hide the details of the transaction and tricks intermediary players by making the transaction look criminal. Since regulators treat unknown transactions as high risk, all XMR transactions will be identified as suspects.
This is why XMR is chosen most of the time by cybercriminals when designing cryptojacking malware. The latest powerful malware detected by Palo Alto Network also uses XMR as well as the software involved in series of cryptojacking attacks in Australia. Ransomware developers choose XMR because it allows them to get away with ransoms which is how one popular group Netwalker acted.
Despite the secrecy feature, the Monero fees are lower than Bitcoin. All factors considered, make XMR decent alternative for dealers of unlawful products and services as well as ransomware designers.
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