Monero has been praised as the world’s most well-known privacy coin. At the same time, it hasn’t been the best week for the project, which, as of press time, has a market capitalization of over $780 million and sits at a price of just over $47.
There are many that believe that because of Monero’s dedication to privacy, that it has become a widely-used cryptocurrency for many criminals worldwide. That narrative does appear to be taking shape even more clearly, as two researchers concluded that nearly 5% of all Monero has been mined through malware.
About The Study
The study is not ambiguous about the fact that Monero is popular among criminals. In fact, the study literally concludes that “Monero (XMR) is by far the most popular cryptocurrency among cyber-criminals in underground economies.”
The study also concluded that 4.32% of all circulating XMR was mined through malware. As of press time, this means that almost $34 million in Monero was obtained through hacking, which certainly isn’t the best publicity for the project. The analysis for the overall study was extensive, and covered a 12-year period, from 2007 to 2018. Bitcoin (BTC) came in second with regards to preferences of cybercriminals.
In Other News
Monero (XMR) has been in the news a lot lately, and it hasn’t always been for good reasons. The wife of a Norwegian billionaire, Anne-Elisabeth Falkevik Hagen (wife of Tom Hagen), has been kidnapped, and the ransom of nine million euros has been ordered to be paid in none other than XMR. This certainly does indicate that more criminals might be looking to Monero as a potential favorite coin.
Also, while many Monero supporters were ecstatic to see that the Fortnite merchandise store was accepting the cryptocurrency, their enthusiasm was short-lived. For those unaware, Fortnite is one of the most popular games in the world right now, recently reaching the milestone of 200 million users. However, the CEO of Epic Games has claimed that this move was completely accidental.