Governments in sight: attacks on blockchain and crypto investors in danger!
Governments in sight: attacks on blockchain and crypto investors in danger!
In a explosive new study, it becomes clear: Governments worldwide have the weapons of cyber attacks in their hands, and their target are the blockchains! Experts warn that attacks on these digital monetary systems are not only conceivable, but are already considered. The crypto community has now, more than ever!
The demise of freedom in the cryptomarkt is announced by the renowned study "Reconciliation of Anti-Money Lundering Instruments and European Data Protection Requirements in Permissionless Blockchain Spaces" by Iwona Karasek-Wojciechowicz. The message is clear: blockchains should be destabilized, and specifically due to money laundering allegations. But who is behind this attack on the digital age?
Secret plans of the governments revealed!
The study suggests that the governments should carry out concrete attacks in order to completely undermine trust in public blockchains. The main focus is on the notorious privacy coins that keep the true identities of their users secret. Can that really be true? Do the powerful feel threatened in their surveillance?
The dreaded 51%attacks in which hackers tear control of the majority of the validators could soon become standard! This makes manipulation of transactions to child's play. And that's the beginning!
Another shocking proposal is the price suppression of cryptocurrencies. This procedure is already known from the precious metal industry and is practiced by large banks such as JPMorgan and Bank of America. Manipulation of the prices could endanger trust in digital currencies in such a way that the governments have to defend their inflation money even more stable!
From Sybill attacks to automatic reporting
But that's not all! The Sybill attacks are even more worrying, in which unscrupulous actors with fake identities take control of networks. This could seriously endanger the decentralization of cryptocurrencies and risk the protection of the privacy of users.
The experts also recommend the introduction of strict enforcement measures to register providers as a VASP (Virtual Asset Service Provider). These could then be under permanent monitoring of the authorities and would have to adhere to strict anti-money laundering rules. Would that be the end of the free and unregulated blockchain world?
In addition, all privacy coins should be obliged to automatically transmit reports to the authorities. That would be synonymous with a total control over the veiled transactions. Where's the privacy?
The most worrying? The study recommends using such drastic measures as the last option. In the first place, measures such as the locking of wallet addresses or marking transactions. But isn't that already a dangerous step in the wrong direction?
Although these alarming demands and recommendations were published three years ago, they are now becoming more important. Privacy coin Monero, a main actor in this debate, is specifically suppressed and is in the crosshair of the governments. What does this mean for the future of cryptocurrencies and web3?
In the USA, crypto companies have massive difficulties to open accounts thanks to the Operation Chokepoint 2.0. The dark clouds are absorbing and the question remains: How many of these agile measures are in secret, while the freedom of digital money is on the brink?