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Governments in Sight: Attacks on Blockchain and Crypto Investors in Danger!
Cybersecurity experts recommend that governments target blockchains to combat money laundering. Learn more about the proposed strategies and their impact on the cryptocurrency market.
Governments in Sight: Attacks on Blockchain and Crypto Investors in Danger!
An explosive new study makes it clear: governments around the world have the weapons of cyber attacks in their hands, and their target is the blockchains! Experts warn that attacks on these digital money systems are not only conceivable, but are already being considered. Now, more than ever, the crypto community has reason to worry!
The demise of freedom in the crypto market is loudly announced by the renowned study “Reconciliation of Anti-Money Laundering Instruments and European Data Protection Requirements in Permissionless Blockchain Spaces” by Iwona Karasek-Wojciechowicz. The message is clear: Blockchains should be destabilized, specifically because of money laundering allegations. But who is behind this attack on the digital age?
Secret Government Plans Revealed!
The study suggests that governments should carry out specific attacks to completely undermine trust in public blockchains. The focus is primarily on the notorious privacy coins, which keep the true identities of their users secret. Can this really be true? Do those in power feel threatened in their surveillance?
The dreaded 51% attacks, where hackers seize control of the majority of validators, could soon become the norm! This makes manipulating transactions child's play. And that's just the beginning!
Another shocking proposal is cryptocurrency price suppression. This process is already known from the precious metals industry and is practiced by large banks such as JPMorgan and Bank of America. Manipulation of prices could endanger trust in digital currencies to such an extent that governments will have to defend their inflationary fiat money even more stably!
From Sybill attacks to automatic reporting
But that's not all! Even more worrisome are Sybill attacks, in which unscrupulous actors use fake identities to take control of networks. This could seriously jeopardize the decentralization of cryptocurrencies and put user privacy at risk.
The experts also recommend introducing strict enforcement measures to register providers as VASPs (Virtual Asset Service Providers). These could then be under constant surveillance by 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 required to automatically submit reports to the authorities. That would be tantamount to total control over the concealed transactions. Where is the privacy?
The most worrying thing? The study recommends that such drastic measures only be used as a last resort. First and foremost are measures such as blocking wallet addresses or flagging transactions. But isn't this already a dangerous step in the wrong direction?
Although these alarming demands and recommendations were published three years ago, they are now gaining renewed importance. The privacy coin Monero, a key player in this debate, is being deliberately suppressed and is in the crosshairs of governments. What does this mean for the future of cryptocurrencies and Web3?
In the US, crypto companies are having massive difficulty opening accounts thanks to Operation Chokepoint 2.0. The dark clouds are gathering, and the question remains: How many of these agile measures are already running in secret while the freedom of digital money hangs in the balance?