After an influx of stolen funds, Monero’s market cap skyrocketed—but is it a haven for crime or the true embodiment of "crypto ideals"?
Yesterday, the long-dormant privacy coin Monero ($XMR) suddenly surged, spiking 30% in a single day to a peak of $329—its highest price since 2021. What is this 11-year-old cryptocurrency, and why did it suddenly explode?
Monero was born in April 2014, built upon the "CryptoNote" protocol published by Nicolas van Saberhagen in 2013. In 2019, it transitioned to RandomX.
Monero employs ring signatures, stealth addresses, and RingCT (Ring Confidential Transactions) to obfuscate transaction senders, receivers, and amounts. This high level of anonymity makes it a standout in privacy protection, earning praise from even Bitcoin Core maintainer Wladimir J. van der Laan for its modular code structure.
However, this same privacy makes it difficult to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Monero is a double-edged sword: beloved by libertarians for its decentralization, privacy, and scalability, yet also a favored tool for criminals.
In late 2016, after the arrest of Silk Road founder Ross Ulbricht, law enforcement honed Bitcoin tracing techniques. Major darknet markets like AlphaBay began ditching Bitcoin in favor of Monero, which was harder to track. North Korea’s Lazarus Group also adopted Monero to launder stolen funds, propelling XMR’s market cap from $5 million to $185 million.
By 2020, Monero saw another surge. Terrorist group ISIS updated its website, announcing it would no longer accept Bitcoin donations—only privacy coins like Monero. Chainalysis confirmed that ISIS held less than $100,000 in Bitcoin, as larger amounts were too risky to move. That same year, darknet market sales grew by 70%, with Monero accounting for 45% of transactions, nearly matching Bitcoin.
From ransomware payments to hacker exit strategies, Monero became synonymous with illicit activity. Its price climbed from $50 in early 2020 to $150 by year-end, peaking at $450 in mid-2021.
Despite its criminal associations, Monero’s developers maintain a neutral stance: "Monero is designed for everyday use. Any technology can be misused—even cash." They deny collaboration with criminal entities.
For many, Monero embodies Bitcoin’s original promise of financial freedom. It has staunch supporters among libertarians, privacy advocates, and anti-censorship activists—some even call it the "real Bitcoin."
John McAfee, creator of the first antivirus software, was one such believer: "Monero is truly anonymous. Bitcoin is not." Even Roger Ver, the "Bitcoin Jesus," switched allegiance in 2024, stating after his prison release: "Most people use custodial wallets today, which are no different from PayPal. Monero offers real privacy."
In crypto-friendly regions, some merchants accept Monero—from tech stores selling hardware wallets to Swiss supermarket SPAR, where a community member famously bought organic cocoa with XMR.
When critics called Monero a "money-laundering tool," on-chain sleuth ZachXBT fired back: "No, I use Monero for payments regularly."
ZachXBT flagged a suspicious transfer: 3,520 BTC (~$330.7 million) was laundered through instant exchanges and converted to Monero, triggering a 50% price surge. Short sellers were forced to cover positions, amplifying upward momentum.
Analysts also cite excitement around Monero’s EP159/EP160 upgrades, which could improve compliance without compromising privacy. This might pave the way for relisting on major exchanges like Binance and Coinbase, which delisted XMR after EU AML regulations tightened in 2024.
Additionally, Tari, Monero’s first DeFi project, is set to launch its mainnet on May 6, merging mining with Monero—a development eagerly awaited by the community.
Like all tools, Monero reflects human duality—balancing freedom vs. regulation, privacy vs. crime. As Einstein once said of atomic energy: "Technology can uplift humanity or destroy it." Monero, in many ways, is the embodiment of crypto’s moral crossroads.
After an influx of stolen funds, Monero’s market cap skyrocketed—but is it a haven for crime or the true embodiment of "crypto ideals"?
Yesterday, the long-dormant privacy coin Monero ($XMR) suddenly surged, spiking 30% in a single day to a peak of $329—its highest price since 2021. What is this 11-year-old cryptocurrency, and why did it suddenly explode?
Monero was born in April 2014, built upon the "CryptoNote" protocol published by Nicolas van Saberhagen in 2013. In 2019, it transitioned to RandomX.
Monero employs ring signatures, stealth addresses, and RingCT (Ring Confidential Transactions) to obfuscate transaction senders, receivers, and amounts. This high level of anonymity makes it a standout in privacy protection, earning praise from even Bitcoin Core maintainer Wladimir J. van der Laan for its modular code structure.
However, this same privacy makes it difficult to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Monero is a double-edged sword: beloved by libertarians for its decentralization, privacy, and scalability, yet also a favored tool for criminals.
In late 2016, after the arrest of Silk Road founder Ross Ulbricht, law enforcement honed Bitcoin tracing techniques. Major darknet markets like AlphaBay began ditching Bitcoin in favor of Monero, which was harder to track. North Korea’s Lazarus Group also adopted Monero to launder stolen funds, propelling XMR’s market cap from $5 million to $185 million.
By 2020, Monero saw another surge. Terrorist group ISIS updated its website, announcing it would no longer accept Bitcoin donations—only privacy coins like Monero. Chainalysis confirmed that ISIS held less than $100,000 in Bitcoin, as larger amounts were too risky to move. That same year, darknet market sales grew by 70%, with Monero accounting for 45% of transactions, nearly matching Bitcoin.
From ransomware payments to hacker exit strategies, Monero became synonymous with illicit activity. Its price climbed from $50 in early 2020 to $150 by year-end, peaking at $450 in mid-2021.
Despite its criminal associations, Monero’s developers maintain a neutral stance: "Monero is designed for everyday use. Any technology can be misused—even cash." They deny collaboration with criminal entities.
For many, Monero embodies Bitcoin’s original promise of financial freedom. It has staunch supporters among libertarians, privacy advocates, and anti-censorship activists—some even call it the "real Bitcoin."
John McAfee, creator of the first antivirus software, was one such believer: "Monero is truly anonymous. Bitcoin is not." Even Roger Ver, the "Bitcoin Jesus," switched allegiance in 2024, stating after his prison release: "Most people use custodial wallets today, which are no different from PayPal. Monero offers real privacy."
In crypto-friendly regions, some merchants accept Monero—from tech stores selling hardware wallets to Swiss supermarket SPAR, where a community member famously bought organic cocoa with XMR.
When critics called Monero a "money-laundering tool," on-chain sleuth ZachXBT fired back: "No, I use Monero for payments regularly."
ZachXBT flagged a suspicious transfer: 3,520 BTC (~$330.7 million) was laundered through instant exchanges and converted to Monero, triggering a 50% price surge. Short sellers were forced to cover positions, amplifying upward momentum.
Analysts also cite excitement around Monero’s EP159/EP160 upgrades, which could improve compliance without compromising privacy. This might pave the way for relisting on major exchanges like Binance and Coinbase, which delisted XMR after EU AML regulations tightened in 2024.
Additionally, Tari, Monero’s first DeFi project, is set to launch its mainnet on May 6, merging mining with Monero—a development eagerly awaited by the community.
Like all tools, Monero reflects human duality—balancing freedom vs. regulation, privacy vs. crime. As Einstein once said of atomic energy: "Technology can uplift humanity or destroy it." Monero, in many ways, is the embodiment of crypto’s moral crossroads.
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