Darknet markets increasingly turn to Monero
Despite Monero (XMR) delistings from some cryptocurrency exchanges, the use of this privacy-focused cryptocurrency remains consistently high. According to analytics firm TRM Labs, the demand for Monero in 2023 has exceeded pre-2022 levels.
One of the main reasons for this is the shift of dark markets towards using Monero. As regulations and monitoring of Bitcoin and other cryptocurrencies tighten, criminal elements are increasingly preferring Monero for its high level of confidentiality.
Furthermore, TRM Labs analysts note that the behavior of some Monero network nodes may provide investigators with important clues for tracking down illicit activity. Although Monero is known for its privacy, researchers have found ways to detect suspicious patterns at the network level, which may assist law enforcement in their investigations.
Expert Opinion
Despite attempts to limit the use of Monero, this cryptocurrency continues to be in demand among participants in the dark market. The high level of confidentiality of Monero makes it attractive to criminals who seek to cover their tracks in illegal activities. At the same time, the emergence of new Monero network analytics methods shows that even such private cryptocurrencies are not immune to monitoring by law enforcement agencies.