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Author Topic: You Might Not Have Realised It But Cryptocurrency Transactions Are Not As Privat  (Read 324 times)

Offline Collinberg

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Do you recall the very recent report about the alledged hack of Coinbene Cryptocurrency exchange where all the ERC-20 tokens in their hot wallet was stolen and liquidated in Idex and in other to keep the exchange afloat and avoid panic, the owners of Coinbene replenished their coffers with Maximine tokens? Have you wondered for a second that if blockchain technology is so anonymous, how were those transactions traced?

Cryptocurrencies are built on a public ledger network that can be viewed by anybody, imagine your wallet balance can be viewed by anybody, all your transactions can be viewed by anybody  and this poses a security risk, imagine if your bank account and bank transaction records become public knowledge, that would automatically make you a target if you have huge funds in there.

For example in the case of Coinbene hot wallet, if the hacker had not been able to see the amount of funds contained in the wallet, they would not have been able to target it, infact they would not even know the wallets to even target, this reason alone is why many people has fallen victims to Cryptocurrency hacks.

This is why Privacy Coins are needed in a time like this because these are Cryptocurrencies that can enable you to enjoy blockchain technology without the associated security risk and recently I discovered a privacy coin called Veil which takes privacy coins to a whole new level my taking the already existing technology and making improvements on them to make the protocol airtight.

One thing that fascinated me about Veil is the fact that there was no ICO or Pre-mine but the main net has already been launched and is working as advertised. If you are interested in privacy coin like me, I would encourage you to check out  and tell me what you think about it. To learn more about Veil, just visit veil-project(.)com

Offline Icon

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One of the aims of blockchain transactions is to eliminate corruption by making every transaction traceable. We talk of its anonymity because of the fact that it doesn't show the owners of those wallets. You may have access to the account balance but not the account owner details.

Offline Ikkelins

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Do you recall the very recent report about the alledged hack of Coinbene Cryptocurrency exchange where all the ERC-20 tokens in their hot wallet was stolen and liquidated in Idex and in other to keep the exchange afloat and avoid panic, the owners of Coinbene replenished their coffers with Maximine tokens? Have you wondered for a second that if blockchain technology is so anonymous, how were those transactions traced?

Cryptocurrencies are built on a public ledger network that can be viewed by anybody, imagine your wallet balance can be viewed by anybody, all your transactions can be viewed by anybody  and this poses a security risk, imagine if your bank account and bank transaction records become public knowledge, that would automatically make you a target if you have huge funds in there.

For example in the case of Coinbene hot wallet, if the hacker had not been able to see the amount of funds contained in the wallet, they would not have been able to target it, infact they would not even know the wallets to even target, this reason alone is why many people has fallen victims to Cryptocurrency hacks.

This is why Privacy Coins are needed in a time like this because these are Cryptocurrencies that can enable you to enjoy blockchain technology without the associated security risk and recently I discovered a privacy coin called Veil which takes privacy coins to a whole new level my taking the already existing technology and making improvements on them to make the protocol airtight.

One thing that fascinated me about Veil is the fact that there was no ICO or Pre-mine but the main net has already been launched and is working as advertised. If you are interested in privacy coin like me, I would encourage you to check out  and tell me what you think about it. To learn more about Veil, just visit veil-project(.)com
That's true, the blockchain network is not as all private as we think it is. That is why it's good to use coin mixers if you truly want to stay anonymous in all your transactions. Let's all play safe guys, there are hackers all in the ecosystem.
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Offline kaizel73

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Can there really be a platform that can block anyone who wants to check your wallet?  I think the best way is hold your cryptos on cold storage wallet .
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Offline Chudidonas

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Can there really be a platform that can block anyone who wants to check your wallet?  I think the best way is hold your cryptos on cold storage wallet .

That will be irrelevant if there's a platform that provides total and Uncompromised anonymity. Transaction parties can't view or trace wallet address and there's no record of transaction details done whatsoever unlike we have in ethereum blockchain. This is what Veil offers and its novel

Offline Jamesval

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Very true, I know the privacy coins like veil won't stop hackers from hacking a particular wallet but in a situation where by the hacker doesn't know the amount of crypto assets in the wallet won't give him the courage or make the wallet to be a target.
We truly need privacy coins that guarantee anonymity and always-on privacy like veil network to tackle this issue of hack

Offline deodivine

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I totally agree with this post. Privacy coins are relevant to avoid tracing transactions when need be. Aside this, security issues sprout and hence there is need for privacy coins with top security. You mentioned VEIL which is my best pick right now because it showcases dual consensus (POW and POS), dandelion and zerocoin protocol for top security and low fees. Thanks for this piece, it was a great read.

Offline Chikada

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Woooo!  I'm really impressed you have discovered veil. This is absolutely true. Privacy is really needed and without it we might be in shit of hackers. Veil is a top notch. I love their security game plans

Offline Corerbaby

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For cryptocurrency trades and transactions to remain private and anonymous as it should more of Privacy coins like Veil should be encouraged to offers privacy without compromise

Offline Uju4real

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The aim of cryptocurrency is been defeated cos transactions and trade are no longer private and anonymous and for this we need to encourage Privacy coin like Veil that aims at providing full privacy without compromise

Offline Chikada

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This is good. I just a comment below about wallet that can block hackers. Good, veil wallet is structured in such a way that your transactions will be untraceable so with this, hackers won't be able to even know what you have in your wallet talk more of hacking, and veil wallet is built in such that hackers can't penetrate in. I think veil privacy protocols has it all . trust I got your point.

 

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