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Monero [XMR]: A lot of regulators have a need for something like Monero, say Riccardo Spagni

Priya

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Monero [XMR]: A lot of regulators have a need for something like Monero, say Riccardo Spagni
Source: Unsplash

Riccardo Spagni, the lead developer of Monero and Co-founder of Tari, spoke about whether Monero was digital cash or not, during an interview with Monero Talk.

Spagni stated that the concept of digital cash was “interesting” as it was the “ideal” that everyone was striving towards and added that Monero was already a “pretty good” digital cash. He further stated that for anything to be classified as digital cash, it had to be sufficiently secure, fungible and decentralized. He said that Monero met all these terms “fairly”. He stated,

“[…] So, Monero, I think to a large degree already is digital cash. I’m interested to see how that plays out because now we’ve got regulators starting to take an interest in Monero and they have been for a while. And regulators are interesting because a lot of people view them as the boogie man […] and I don’t view them that way […]”

FluffyPony also stated that a lot of regulators have a “need for something like Monero,” as they are deeply concerned about privacy in their own lives. This was followed by Spagni stating that governments have started to realize that “privacy is important” for running the government, along with other things. He said,

“[…] and that’s not to say that I don’t equate privacy with a lack of transparency. A government can still be transparent but […] they can choose what can be transparent about [or] they can be forced to be transparent about certain things through certain bodies.”

Spagni went on to state that this did not mean that everything handled by the government would be exposed on a traceable ledger, adding that it was a “pipe dream that’s never gonna happen”. He said,

“[…] there’s no government in the world that’s gonna say, ‘well, we’ve decided to operate in this completely traceable way and put all of our transactions on Bitcoin; so that everyone can see what we’re doing all the time’. It’s just not going to happen and even if it did happen someone would figure out a way to cheat the system […]”

The lead developer added that he was “very interested” in knowing how governments and regulatory bodies perceive privacy technology, considering that it already exists. He opined,

“[…] how these regulators, over time, and governments […] look at it and go like, ‘privacy can be abused, but its got a net benefit, its got a net positive and we need privacy in our lives as regulators, as governments’ and so cool maybe there’s you know ways of using this technology in a non-harmful way.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

News

GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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