In an unexpected turn of events, CipherTrace, the crypto intelligence firm, announced today that it has developed a tool to track transactions on Monero (XMR). How can this be possible?
Will Monero lose popularity in the crypto community?
It’s no secret that one of the main catalysts in the popularity of Monero (XMR) has been its privacy-centric design. In fact, it is precisely this that positions it as the second most popular crypto currency for conducting illegal transactions on the Dark Web.
Certainly privacy and anonymity are one of the main benefits, or disadvantages, of cryptomoney. However, in reality it is not so anonymous.
That’s why people turn to Monero when they are looking for more privacy. But, that seems to be over.
Today, CipherTrace claims to have developed a series of tools that can „track and visualize Monero transaction flows.
„These tools include search, browse and transaction display tools for Monero transaction flows… This provides ways to track stolen Monero coins or those used in illegal transactions,“ he added.
The tools have been designed for the U.S. Department of Homeland Security (DHS), but CipherTrace ensures that crypto exchanges and OTCs will benefit from it.
However, at the moment there is no evidence regarding the existence of such tool, beyond the CipherTrace press release.
Therefore, even the crypto community on Twitter remains skeptical about the existence of such tools.
„There’s no reason to think there’s anything new here until proven otherwise,“ tweeted Seth Simmons.
Will the era of privacy on Monero be over?
Between Bitcoin Champion and Monero: A hidden message during Twitter account hacking?
Justin Sun does it again and launches a new crypto
Once again, TRON CEO Justin Sun is making a lot of noise on the crypto community social networks, after announcing today his latest project. Nothing more and nothing less than a DeFi coin with his name on it.
Yes, just as you read it, today Sun announced $ SUN through Twitter and Medium. According to the announcement, the mining of $ SUN will start on September 2nd and the coin will be officially launched on September 16th. Also, $ SUN will boost SUN Finance, a DeFi smart contract.
In this sense, $ SUN appears to be another governance token that will be used to „promote the vigorous development and possibilities of the TRON DeFi self-governing community.
Justin Sun’s optimism about DeFi technology
Charles Hoskinson says Cardano Stablecoin will be better than MakerDAO
Crypto DeFi fever itches and spreads. The last one to comment on this was Charles Hoskinson, founder of Cardano, who commented yesterday that IOHK plans to enter the DeFi space soon.
The growth of the DeFi industry has been extraordinary, and more and more projects are starting to pay attention to it. In this regard, Hoskinson said yesterday on YouTube that he has been studying the industry for some time.
So much so that they’ve partnered with Emrugo to build a Stablecoin in Ergo, with the aim of verifying that everything works, and then to do it in Cardano. Hoskinson said that Stablecoin „will be significantly better than MakerDAO“.