There are many currencies that are distinguished by their privacy and take this as one of the main advantages that Monero provides, among them.

Monero has a market capitalization of about $793 million and is the most popular privacy coin, currently ranked 16th.

It is followed by coins working on the same niche (privacy) which are DASH coin with $386 million which ranks 26th and ZCash coin of 231 million USD which ranks 32nd.

These currencies are much less popular than the other cryptocurrencies that are in the top 50 list in terms of total market capitalization.

This is confirmed by a recent public statement by the European Cybercrime Center (EC3) which is part of Europol and says there is a good reason for this.

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European police confirm the inability to track Monero currency transactions:

clearer Mr. “Jerek Jakubcek” from the European Center for Cybercrime EC3 during the Blockchain and Cryptocurrency Symposium that the European Police is closely following the most important developments in the field.

Jakubcek said

Monero currency transactions are still not trackable or analysed.

This government official ranks privacy coins as a greater threat than Bitcoin or Ethereum.

Jakubcek said that investigations and various cases showed that the use of “Tor” and “Monero” makes it impossible to trace the suspects’ funds.

As neither the IP address nor the transactions themselves can be traced.

Since the suspect could use a combination of “Tor” and “Monero” we were not able to trace the funds and we could not trace the IP addresses.

Which means reaching the end of the road.

Whatever happens in the Bitcoin chain, it seems clear to us and makes us able to reach and trace to a reasonably remote level.

While Tor only hides the IP address, Monero allows hiding any traces of transactions.

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Unlike Dash or ZCash coins, Monero is private and anonymous by default.

This is the power of Monero, and according to some experts, it is a prime example of why privacy can take its toll.

While Europol was able to track Bitcoin and Ethereum transactions.

Jakubcek also explained that the European Police uses a string analysis simulator to enforce the law, confirming the lack of privacy for public strings.

Once the money is transferred to Monero, no matter how it was done, the European Police investigation ends.

Jakubcek stated:

With the Monero blockchain that was the point at which the investigation ended.

This is a classic example of one of the many cases we witnessed when a suspect decided to transfer funds from Bitcoin or Ethereum to Monero.

As the EC3 official noted, privacy coin trading is only possible on 32 percent of the top 120 trading platforms.

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Accordingly, according to Jakubcek, 63% have insufficient KYC provisions that make it difficult to identify the user.

Privacy Coins Under Fire:

Privacy coins have been of interest to authorities and governments around the world in recent months.

Some governments have passed laws to remove Monero, Dash or Zcash from the wallet of some cryptocurrency exchanges.

Most recently, BitBay announced the removal of Monero at the end of November, according to the exchange due to the possibility of money laundering and terrorist financing:

Cryptocurrency exchange decides to delist Monero (XMR) due to money laundering concerns

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