Monero becoming more popular than bitcoin on Darkweb

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24 Jan 2018, 09:54

Online criminals prefer the added privacy of some of bitcoin’s competitors as forensic firm Chainalysis said the amount of bitcoin being used on the Dark Web has fallen from 30 percent to 1 percent.

Instead cyber criminals are turning to other digital currencies.

Philip Gradwell, chief economist at Chainalysis said: “In the last few months, there has been a rapid increase in the use of Monero, likely for illicit means.

“Whether Monero grows further, to displace bitcoin as the crypto-crime currency, depends on its adoption by new darknet markets, which are emerging following recent shutdowns, and improvements in the user experience of buying and transacting in Monero.”

Adding to the drop in bitcoin's popularity is people are choosing to hold bitcoin rater than spend it. It comes as bitcoin’s price has fallen to $10,583.

Monero's price currently stands at $299.57.

Some of the newer cryptocurrencies offer faster and cheaper transactions but most importantly for hackers it adds another layer of anonymity to the currencies.

Rob Wainwright, executive Director of Europol, said: “We’ll see a progressive shift in 2018 towards criminal use of cryptocurrencies other than bitcoin, making it generally more challenging for law enforcement to counter

ZDNet, a business technology news website, said Monero seems to be the cryptocurrency that criminals are heading towards.

Back in early January it was reported, a North Korea hacking group called Andariel, were able to penetrate a server at a South Korean company last summer. They used the leftover energy after the hack to mine Monero without the company noticing.

They were able to mine 70 Monero coins, stealing around $25,000.

Monero is a particularly popular cryptocurrency in Asian countries.

ZDNet said: “Instead of being provided with instructions on how to buy bitcoin—which, thanks to its popularity, might now prove cumbersome—it’s likely cybercriminals will soon be providing their ransomware victims with instructions on how to buy and exchange Monero.”

This being said, criminals may not enjoy using bitcoin as much as its competitors but they still aim to steal it.

ZDNet said: “We find that theft of bitcoin has risen from at least $3 million in 2013 to $95 million in 2016.” The website added that at least $172million worth of bitcoin between 2013 and 2017 was stolen.


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24 Jan 2018, 10:02

waooo great information about monero.thanks for nice information.

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