Crypto intelligence firm CipherTrace has announced that it has developed tools to track transactions in Monero.
The crypto intelligence firm announced yesterday, it has developed a tool to track transactions in Monero (XMR)
Will Monero lose popularity in the crypto community?It's no secret to anyone that one of the main catalysts in the popularity of Monero (XMR) has been its privacy-focused design.
In fact, it is precisely this that positions it as the second most popular cryptocurrency to carry out illegal transactions on the Dark Web.Privacy and anonymity are one of the main benefits, or disadvantages, that cryptocurrencies have.
However, it is not actually that anonymous since you can actually view the transactions on the blockchain. For this reason, many privacy enthusiasts turn to Monero when looking for more privacy.
But, it seems that this is over with CipherTrace claims to have developed a series of tools that can "track and visualize Monero transaction flows.""These tools include transaction search, exploration and visualization tools for Monero transaction streams. This provides ways to track stolen Monero coins or those used in illegal transactions," according to CipherTrace
Although, the tools have been designed for the United States Department of Homeland Security (DHS), although CipherTrace ensures that crypto exchanges and OTCs will benefit from it.
Scepticism still remains abut CipherTrace claims within the crypto community
However, at the moment there is no evidence regarding the existence of this tool, beyond the CipherTrace press release which has caused scepticism within the crypto community with crypto analyst Seth Simmons tweeting his disbelief at the news.
"There is no reason to think that there is something new here until proven otherwise",.
It would be interesting to see how effective the tool would be in the coming months when deployed.