The cryptocurrency market is shaken once more, after exponential growth in the value of cryptocurrency Monero. Everyone was in shock after this movement on the market, but what actually happened?
Monero cryptocurrency was launched in 2014. as an open-source project. What is interesting about this cryptocurrency is the fact that its main focus is on privacy. Of course, almost every other cryptocurrency is hardly traceable. But, in the end, it leaves some trace, you can trace the transactions of Bitcoin in Blockchain network for example. However, Monero is completely untraceable. This means that it keeps the ultimate level of anonymity while doing transactions with it. But here main issues with Monero poped-up.
Because of its anonymity and high-level privacy, this network became very attractive for cybercriminals while doing cyber-blackmailing. It already happened that group REvila who attacked meat company JBS wanted payment entirely in Monero. Some of the experts are estimating, that the amount of blackmailing that is done in Monero is in the growth of 20-30%, and this number will rise to 50% until the end of the year. Many international police organizations, such as Europol, have already warned about this issue. IRS in the USA has already opened the position for Monero digital tool developer, which is ready to pay $625k per year.
Facts and what is next?
The fact is that Monero is now five times more valued than it was at the beginning of the year, and its whole market value is currently $5 billion. Behind this cryptocurrency is the third strongest software developing group in the world, and Monero has all the conditions to continue its growth. The response from the authorities (besides warnings and software developing counter-measures), could be the same as for the Sky ECC application, where the situation was similar to this Monero’s. Anyway, it is important to track the market and to be updated with the latest news, if you tend to invest in this cryptocurrency.