As protections against bad people continue to grow on Bitcoin, other less-protected cryptocurrencies such as Monero have become the favorite for online criminals.
Reports are out that Bitcoin is now being dropped for Monero by some of its earliest and most avid users: underworld criminals.
There is no doubt that Bitcoin is the king when it comes to cryptocurrencies. Over recent years, this virtual currency has steadily made its way to the top, earning the interest of millions of people around the world. However, lawbreakers are not particularly happy with its gained popularity and are reportedly dropping Bitcoin for another cryptocurrency, Monero.
With the advent of new tools developed by software firms to track Bitcoin transactions plus the global call for the regulation of the said digital currency, Dark Web and underworld criminals are left with no choice but to shift to other privacy coins.
According to a report from Bloomberg, privacy coins such as Monero, which are designed to avoid tracking, have climbed faster over the course of two months as a result of law enforcement crackdowns.
Monero as the Criminal Underworld’s new Currency
Three months ago, Europol, the European Union’s law-enforcement agency, alarmed governments in a report that “other cryptocurrencies such as monero, ethereum, and Zcash are gaining popularity within the digital underground.”
It was reported that online hackers who use ransomware to lock computers and extort money from victims in exchange for their files have already started demanding payments in those three virtual currencies.
Also, a report from the cybersecurity firm WordFence last December 18th and 19th said that an unknown group of hackers launched a massive brute force attack campaign targeting around 190,000 WordPress sites per hour.
However, aside from Bitcoin’s current popularity, criminals are also choosing privacy-focused currencies because the Blockchain technology behind Bitcoin could allegedly be used against them.
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