{"id":367731,"date":"2019-01-09T21:00:18","date_gmt":"2019-01-09T21:00:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=367731"},"modified":"2019-03-11T20:39:04","modified_gmt":"2019-03-11T20:39:04","slug":"monero-privacy-coins-criminals","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/monero-privacy-coins-criminals\/","title":{"rendered":"Tools of the Trade: Monero and Privacy Coins Are Creating More Efficient Criminals"},"content":{"rendered":"
As if the cryptocurrency<\/a> space wasn\u2019t controversial enough, the emergence of privacy-focused coins such as Monero allow an end user to cloak their identity, making the currency an ideal choice for cyber criminals.<\/span><\/p>\n In Japan, the Financial Services Agency has banned<\/span><\/a> any exchanges from listing such coins, and privacy coins in general are commonly at the forefront of regulatory discussion, primarily centered around their potential contributions to international money laundering.<\/span><\/p>\n Monero<\/a><\/span> has already earned the crown for being the cryptocurrency most frequently involved in cryptojacking cases, and now, a new report out of Norway could bring to light additional fears around Monero\u2019s privacy-related functions.<\/span><\/p>\n Multi-millionaire real estate investor Tom Hagen is listed among Norway\u2019s richest men, however, his wealth has unfortunately made him and his family a target for cyber criminals.<\/span><\/p>\n Local Norwegian media outlet VG<\/span><\/a> reports that Hagen\u2019s wife, Anne-Elisabeth Falkevik Hagen, age 68, is suspected to have been kidnapped by a group of criminals who are demanding a $10.3 million ransom for her safe return. The criminals are requesting the ransom only be paid in Monero, likely as a way to hide any trace of their operation so they can get away with the crime unscathed.<\/span><\/p>\n Related Reading | US Government Aims to Make Privacy Coins\u2019 Use Case Obsolete<\/span><\/a><\/span><\/strong><\/em><\/p>\n Hagen\u2019s wife disappeared suddenly from the family\u2019s L\u00f8renskog home on October 31st, and hasn\u2019t been seen since. Police say they\u2019ve been on the case for \u201cseveral weeks,\u201d but \u201chave no suspects\u201d in the case. The criminals only communicate over the internet, and have shown no evidence of Falkevik Hagen\u2019s well being.<\/span><\/p>\n A note was discovered in the Hagen family\u2019s household claiming that Falkevik Hagen would be killed if authorities became involved or if the Monero ransom wasn\u2019t paid. Chief investigator Tommy Broeske, however, decided to \u201cgo public,\u201d because they \u201cneed more information\u201d to help track down the criminals and bring Falkevik Hagen home safely.<\/span><\/p>\n The case may not be as difficult for the authorities involved if it weren\u2019t for Monero. Monero uses an obfuscated\u00a0blockchain that prevents outside observers from determining the source, destination, or even the amount being sent in a transaction.<\/span><\/p>\n As a result, investigators on the case are still left with \u201cno suspects,\u201d despite having assistance from Interpol and Europol, and have Hagen\u2019s wealth behind them.<\/span><\/p>\n Monero is quickly becoming the cryptocurrency of choice for cyber criminals<\/span><\/a>. Santa Clara-based network and enterprise security company\u00a0Palo Alto Networks\u00a0released a report last year that suggested that roughly 5% of all Monero in circulation was mined as a result of malicious cryptojacking<\/span><\/a> software, and that as much as 2% of Monero\u2019s hashpower is derived from cryptojacking scripts.<\/span><\/p>\n Related Reading | Crypto Mining Malware Still Abundance Despite Market Decline<\/span><\/a><\/span><\/strong><\/em><\/p>\nWife of Norway\u2019s Richest Man Held For $10M Monero Ransom<\/span><\/h2>\n
Monero\u2019s Privacy Features Leave Investigators With No Trail to Follow<\/span><\/h2>\n