Has Crypto Currency Become Traceable?

[tharakaf]

According to this, Crypto currency can be traced back. Any ideas on this?

https://abcnews.go.com/Photos/doj-seizes-millions-ransom-paid-colonial-pipeline/story?id=78135821

 

[D_Mad]

coins passe duwal wedak nam na.. habayi blockchain nam pattama widiyata use wenawa, saha watinawa igenaganna... elon musk ge gon aathal

 

[AlexKolla]

 

[hodakolla]

 

[tharakaf]

According to this, Crypto currency can be traced back. Any ideas on this?

https://abcnews.go.com/Photos/doj-seizes-millions-ransom-paid-colonial-pipeline/story?id=78135821

Guys Let me clarify something. This isn't a thread to discuss if investing in crypto makes sense or not .

What I want to discuss here is (your ideas on), is crypto currency actually untraceable or is that just a myth (talking about the practical side)? From what I now many cyber criminals use crypto as a method of ransom and transactions because it is believed to be untraceable. But this new development puts that theory in to serious doubt.

 

[EnIgma001]

Bumpiyo

 

[thinking_guy]

"Privacy and anonymity are two distinct things. Privacy is the ability to keep some things to yourself and in contrast, anonymity is when you want people to see what you do, just not that it's you doing it."

Thus BTC is not considered a privacy coin as the transactions are visible to everybody in the blockchain. That's why the USA and EU are not bothering about banning it. Once, KYC is implemented on the exchanges they can trace the transactions back to the particular individual. But the coins like XMR (Monero) being privacy coins, make it impossible to trace the transactions with its obfuscating address mechanism. This had become a real pain in the ass of IRS and they had recently given a contract to Chainalysis to crack it down as yet which seems to have no progress on.