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Monero Indeed is Invisible, Confirms Europol – Boon or Bane?

Monero has a reputation for being completely decentralized. That means no outside observer can tell the source, amount or destination of Monero transactions. Although there were many instances that claimed XMR coin is untraceable, no profound evidence was found. However, Europol officials have confirmed that Monero transaction indeed is invisible.

europol monero

In a recent turn of events, Europol, The European Union Agency for Law Enforcement, has encountered a cybercrime involving Monero. Europol officials have attended a Blockchain Alliance Webinar on Privacy Coins. Jerek Jakubcek, an E3C Europol officer explained his view on Monero with an example.

The cybercriminals have used a combination of Tor and Monero to hide the money. Europol explained that they could easily trace back any Bitcoin crime on the blockchain. However, their efforts have come to a dead-end with Monero blockchain.

“Once funds are moved to Monero – regardless of by which means this happens, criminal investigations tend to hit a wall. “

About Monero:

According to Monero’s site: XMR is a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable.

However, in this case, Monero’s anonymity solutions have helped to mask traces of crypto crime and in turn, let the defaulters getaway. 

Is this how we want a privacy enabled currency system? Or should there be some restrictions for the same? Let us know your comments on our Facebook and Twitter Pages.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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