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.
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. “
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.