Why It Is The Cybercriminal AltCoin Of Choice

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Monero (XMR) shocked the crypto markets recently when anonymous hackers mined Monero from smartphones and computers. The malware to do this was spread to more than 4000 sites. Its malware’s potential to mine smartphones or computers has again raised concerns about social security and privacy.

However, some are impressed with the malware’s power to read a computer’s processing power.  For example, Salon, the famous U.S. online news publication, recently announced it would adopt Monero.

Salon said, “We realize that specific technological developments now mean that it is not merely the reader’s eyeballs that have value to our site — it’s also your computer’s ability to make calculations, too. Indeed, your computer itself can help support our ability to pay our editors and journalists.”

The Price Doubled Despite The Illegal Use

Cybercriminal Altcoin

It seems that the use of Monero in illegal activities has increased its popularity and price – it recently hit the resistance level of $300, doubling the price from recent lows of $150.

Europol, the European Union’s law-enforcement agency, had warned investors that Monero is only gaining popularity and price due to the ‘digital underground’ and criminals who choose to use it.

A key reason it is popular amongst criminals is that Monero has the most robust anonymity feature of all altcoins. It is designed to guard a user’s identity. In its own words, Monero says; “You are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.” So while this feature is very appealing for people concerned about privacy, it is also alluring to cybercriminals who believe that tracing original identity will be made very difficult for authorities. 

Similarly, money launders are using Monero, because of the anonymity, fast transaction times and easier accessibility. 

Regulators Could Ban Monero

Regulators all around the globe are closely watching cryptocurrency markets to avoid the illegal activities and the illicit use of the anonymity feature. Monero will be on regulators radar once they regulate cryptocurrencies; because it does seem that the majority of the demand for Monero is coming from cybercriminals and money launders.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects.
Siraj is a published financial analyst on the world’s leading websites including SeekingAlpha, TheStreet, MSN, and others.

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