Recent flaws in Monero cryptocurrency can make its transactions partially traceable
Recently a flaw was detected in cryptocurrency Monero which had become popular recently post the decrease in the value of Bitcoin apparently the untraceable cryptocurrency. Since the entire history of Monero is encrypted in its Blockchain which is now considered to be partially vulnerable the information regarding the transactions and the parting involved could be accessed. Monero is designed in a such a manner that any Monero “ coin” can be mixed up with other payments, making it difficult to reach out to one particular identity or transaction from one source. In a recent paper published by a team of researchers from a group of colleges like Princeton, Carnegie Mellon, Boston University, MIT and the University of Illinois reflects its flaws in the mixing that makes it possible to extract information regarding the transaction.
Monero has been updated since the revelation of the flaws in order to reduce the chance of identifying the real coin from the “mixins” using an updated method known as flip-of-the-coin-odds. However, this does not give the users hope as authorities have busted “dark net” businesses like Hansa, AlphaBay, SilkRoad with the help of Bitcoin Blockchain and the revealed records repeatedly.
According to the researchers, more than 25% of Monero transactions are used for the illicit purpose. Other than this there is no guarantee about the traceability of the transactions being it from illicit users or regular users. The issue is about the security provided by Monero which is at stack right now.
“Privacy isn’t a thing you achieve, it’s a constant cat-and-mouse battle,” Monero core developer Riccardo Spagni told Wired.
When inquired about the second flaw regarding the transaction timing Mr. Riccardo said that the time needed time to develop a completely new approach: “There are steps we can take to continue to improve the sampling, but the reality is that this isn’t a solvable problem by just pecking away at it.”
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