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One of Monero's main strengths is that it allows anonymity for its users. Although in principle it seems appropriate to use a digital currency that can not be easily traced, and high-minded people could do without it, reality is much dirtier.
A recent research paper by Sergi Pastrana and Guillermo Suarez-Tangil, respectively of Carlos III University of Madrid and King's College of London, notes that Monero is the most popular cryptocurrency among hackers. Of the 16.6 billion Monero currently in circulation, their study estimates that 4.32% of this, or about $ 33 million at current prices, went to the criminals.
Sometimes being hacked by these criminal criminals can be difficult to detect. The crypto-mining software is secretly installed on the victim's device and silently mine Monero in the background, consuming processor power and electricity, but without asking for any ransom.
The document estimates that there are currently 2,218 mining malware campaigns, with a single campaign leading to 163,000 Monero. Because of the electricity consumption of the extraction process, they suggest that there may also be environmental impacts on these crimes.
While these numbers are shocking, it is not shocking that Monero is popular among the bad actors in the encrypted space. In November, McAfee Labs detected WebCobra malware, which allowed criminals to undermine malware on victim machines. Hackers have even gone so far as to hack the Indian government to cash in on their profits. Money crime has questioned trade if it were to be listed.
Dr Craig Wright, a leading mind in the cryptocurrency space, argued that the days of the Wild West for digital currencies should be finished. If the industry as a whole has to grow and get the eagerly desired adoption, private currencies like Monero, with their loyal base of hacker users, must be left in the trash of history. The only way forward is with solutions grown, such as Bitcoin SV, the only crypt that follows the vision of Satoshi Nakamoto and the only one that is ready to scale massively for the future.
