Finnish Authorities Trace Monero in High-Profile Hack

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By BitcoinWiki News

Key Takeaways:

– Finnish National Bureau of Investigation making progress in tracing Monero transactions
– Julius Aleksanteri Kivimäki accused of hacking and demanding ransom payments in cryptocurrencies
– Prosecutors unveiled new evidence of a crypto trail leading to Kivimäki’s bank account
– Hacker received payments in Bitcoin, converted them into Monero, and transferred to a dedicated Monero wallet
– Monero known for strong privacy features with Ring Confidential Transactions, ring signatures, and stealth addresses
– Monero and other anonymous cryptocurrencies under scrutiny from authorities worldwide
– IRS offering bounty to break privacy coins like Monero
– Ransomware attackers increasingly requesting payments in privacy coins like Monero
– At least 22 ransomware groups accept only XMR, while over 1,000 accept BTC


I. Finnish National Bureau of Investigation Traces Monero Transactions
– Finnish authorities have reportedly made significant progress in tracing Monero transactions as part of an investigation into the criminal trial of Julius Aleksanteri Kivimäki, who stands accused of hacking a private mental health firm’s database and demanding ransom payments in cryptocurrencies.

II. Monero Uses Privacy-Enhancing Tech to Obfuscate Transactions
– Monero is well-known for its strong privacy features, employing technologies such as RingCT, ring signatures, and stealth addresses to obscure the true source of funds and make it difficult to link multiple transactions to the same recipient.

III. Scrutiny of Monero and Anonymous Cryptocurrencies
– Monero’s ability to completely anonymize users has attracted scrutiny from authorities worldwide, leading to proposals for bans on anonymous cryptocurrencies and offers of bounties by government agencies for breaking the privacy features of coins like Monero.

IV. Ransomware Attackers Increasingly Using Monero for Payments
– Ransomware attackers are increasingly asking for payments in privacy coins like Monero, with at least 22 ransomware groups accepting only XMR and another seven accepting both BTC and XMR. This trend has raised concerns among authorities and cybersecurity experts.

V. Conclusion
– The use of Monero and other anonymous cryptocurrencies raises concerns for law enforcement, as the privacy features of these coins can make it challenging to trace and identify illicit transactions. This poses a significant challenge in combating cybercrime and ransomware attacks.

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