Wary of Bitcoin Tracking, Cybercriminals Turn to Monero, Other Cryptocurrency

Bitcoin No Longer the Choice of Currency for Cybercriminals

When information technology start started out in 2009, Bitcoin was a niggling known cryptocurrency in a world of consumers that was only commencement to sympathize what Blockchains even were. Since the currency offered quite a lot of anonymity to its transactions, information technology quickly became the top option for cybercriminals. Governments and law enforcement really didn't give a lot of thought to Bitcoin.

In 2017 lonely, notwithstanding, Bitcoin has seen a nail that tin only exist described as unprecedented. And while a boom like that would've fabricated united states common-folk happy almost their investments in the currency (or really unhappy about not taking a adventure dorsum when it was cheap), it raised red-flags among cybercriminals. Governments were discussing the legality and apportionment of Bitcoins, law enforcement agencies were outset to rail Bitcoin transactions, and it was coming really close to becoming a true global currency (it's not).

Now, information technology seems, that cybercriminals are moving abroad from Bitcoins, and looking at alternatives that don't permit people to track transactions online. Later all, Bitcoin transactions do leave a trace on the web — a trace that can be tracked by agencies to the source and destinations of the transactions; a trace, that cybercriminals do not desire there.

Now, it would seem Monero is becoming the currency of choice for people who don't desire governments and agencies to track their transactions. The cryptocurrency was formed back in 2014, and runs on a Blockchain that doesn't let transactions be traced back to individual users, making it the perfect option for cybercriminals.

Cybercriminals aside, CNET reports that Monero is also apparently of interest to rogue nations. North korea, for example, has a hacking group that calls itself Andariel, mining (and stealing) Monero coins from other nations. A company in Republic of korea was breached by Andariel hackers, stealing 70 Monero coins from their servers.

North korea was previously as well blamed by the United States for orchestrating the WannaCry malware attack that spread like wildfire through the world, crippling 300,000 computers. That attack besides asked users for Bitcoins in exchange for decrypting their computers.

The reason behind North korea's sudden interest in stealing cryptocurrency is quite clearly the numerous international sanctions that take been imposed upon the rogue nation. State sponsored hackers are stealing money from other countries to supplement Kim Jon Un's authorities in the country.

Obviously, Monero isn't the only cryptocurrency cybercriminals are using; names similar Ethereum do come up. Nonetheless, Monero happens to have the reward of being completely anonymous, leading to law enforcement officials beingness unable to track transactions on the Monero Blockchain at all.