Whether people admit it or not, the privacy feature is one of the biggest draws to cryptocurrencies. If there was ever any doubt, those have been erased by Monero’s (XMR) rally in recent days. In the early days of the new year, the Monero price has advanced by 10%, and investors have privacy to thank for it.
Earlier today, the privacy coin shot up more than 3% from $45.50 to $47 and has since taken more ground, rising to $49 – a 7% gain in the last 24 hours – as of press time. The rally comes on the heels of a Europol report chronicling what the XMR army could have told you already – that Monero transactions are untraceable. Europol used the transaction activity of a suspect who was able to skirt the authorities to make its point.
A report in Decrypt spotlights a webinar featuring Jarek Jakubcek, a strategic analyst with Europol’s European Cyber Crime Centre. That webinar transcript was then published by a Reddit member.
Jakubcek details how the IP addresses tied to transactions harnessing the one-two punch of privacy-fueled browser TOR and Monero were untraceable, leaving authorities at “the end of the road.” These results differed from a probe of the Bitcoin blockchain, which “was visible” and explains why Europol was “able to get reasonably far.”