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When the FBI successfully breached a crypto wallet held by the Colonial Pipeline hackers by following the money trail on bitcoin’s blockchain, it was a wake-up call for any cyber criminals who thought transacting in cryptocurrency automatically protected them from scrutiny.

One of the core tenets of bitcoin is that its public ledger, which stores all token transactions in its history, is visible to everyone. This is why more hackers are turning to coins like dash, zcash, and monero, which have additional anonymity built into them.

Monero, in particular, is increasingly the cryptocurrency of choice for the world’s top ransomware criminals.

“The more savvy criminals are using monero,” said Rick Holland, chief information security officer at Digital Shadows, a cyberthreat intelligence company.

Created in 2014

Monero was released in 2014 by a consortium of developers, many of whom chose to remain anonymous. As spelled out in its white paper, “privacy and anonymity” are the most important aspects of this digital currency.

The privacy token operates on its own blockchain, which hides virtually all transaction details. The identity of the sender and recipient, as well as the transaction amount itself, are disguised.

Because of these anonymity features, monero allows cyber criminals greater freedom from some of the tracking tools and mechanisms that the bitcoin blockchain offers.

“On the bitcoin blockchain, you can see what wallet address transacted, how many bitcoin, where it came from, where it’s going,” explained Fred Thiel, former chairman of Ultimaco, one of the largest cryptography companies in Europe, which has worked with Microsoft, Google and others on post-quantum encryption.

“With monero, [the blockchain] obfuscates the wallet address, the amount of the transactions, who the counter-party was, which is pretty much exactly what the bad actors want,” he said.

With monero, they’re obfuscating the wallet address, the amount of the transactions, who the counter-party was, which is pretty much exactly what the bad actors want.
Fred Thiel
CEO, Marathon Digital Holdings

While bitcoin still dominates ransomware demands, more threat actors are starting to ask for monero, according to Marc Grens, president of DigitalMint, a company that helps corporate victims pay ransoms. 

“We’ve seen REvil…give discounts or request payments in monero, just in the past couple months,” continued Holland.

Monero was also a popular choice on AlphaBay, a massive underground marketplace popular up until it was shut down in 2017.

“It’s almost like we’re seeing, at least from a cyber criminal perspective, a resurgence…in monero, because it has inherently more privacy than some of the other coins out there,” Holland said of monero’s recent rise in popularity among actors in the ransomware space.

Monero’s limitations

There are, however, a few major barriers when it comes to the mainstreaming of monero.

For one, it’s not as liquid as other cryptocurrencies — many regulated exchanges have chosen not to list it due to regulatory concerns, explained Mati Greenspan, portfolio manager and Quantum Economics founder. “It certainly isn’t enjoying as much from the recent wave of institutional investments,” he said.

In practice, that means that it’s harder for cyber criminals to get paid directly in the currency.

“If you’re a corporation and you want to acquire a bunch of monero to pay somebody, it’s very hard to do,” Thiel told CNBC. 

The digital currency could also be more vulnerable to regulation at its on-and-off-ramps, which is the bridge between fiat cash and crypto tokens. 

“I would wager to say the U.S. and other regulators are going to shut them [monero] down pretty hard,” said Thiel.

One way they could go about that: telling an exchange that if they list monero, they risk losing their license.  

But while the U.S. government can indeed keep monero at bay by marginalizing liquidity points, Castle Island Ventures founding partner Nic Carter believes that markets which allow peer-to-peer transfers of monero to fiat will always be hard to regulate. 

There’s also nothing to keep hackers within U.S. jurisdiction. Criminals could easily choose to carry out all of their transactions overseas, in places that aren’t subject to the kind of controls American regulators might put in place.

Bitcoin still rules ransomware

Cyber insurance is another reason why bitcoin is still the currency of choice for most ransomware attacks.

“Insurance is so important in this space, and insurers often refuse to reimburse a ransom payment if it’s been in monero,” said former CIA case officer Peter Marta, who now advises companies about cyber risk management as a partner with law firm Hogan Lovells. 

“One of the things that insurers will always ask for is what type of due diligence the victim company conducted, before making the payment…to try to minimize the chance that the payment goes to an entity on the sanctions list,” explained Marta. 

Traceability is more easily accomplished with bitcoin, given that its blockchain lays bare transaction amounts and the addresses of both the sender and recipients taking part in the exchange. There is also an established infrastructure already in place for officials to monitor these transactions.

Authorities keep lists of bitcoin wallets, which are tied to different sanctions regimes.

While monero does offer a greater degree of privacy over bitcoin, Holland points out that threat actors have mastered certain techniques to anonymize transactions in bitcoin, in order to obscure the chain of custody. 

He says that cyber criminals often turn to a mixing or tumbling service, where they can combine the illicit funds with clean crypto to essentially make a new type of bitcoin, at which point, they turn to currency swaps. 

“Just like you would do dollars to pounds…they may go bitcoin, to monero, then back to bitcoin, and then get a bitcoin ATM card, where they can just cash out dollars with it,” explained Holland.

So even though bitcoin’s blockchain is public, there are still ways to make it difficult for investigators to trace transactions to their ultimate destination. 

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‘Witch hunt’: Ex-EU commissioner Breton denounces U.S. visa ban targeting ‘censorship’

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'Witch hunt': Ex-EU commissioner Breton denounces U.S. visa ban targeting 'censorship'

A former EU commissioner has hit back after receiving a U.S. visa ban for alleged censorship.

The Trump administration imposed visa bans on Thierry Breton, a former European Union commissioner behind the Digital Services Act (DSA), and four anti-disinformation campaigners, accusing them of censoring U.S. social media platforms.

“The State Department is taking decisive action against five individuals who have led organized efforts to coerce American platforms to censor, demonetize, and suppress American viewpoints they oppose,” Secretary of State Marco Rubio said in a statement.

He added that “these radical activists and weaponized NGOs have advanced censorship crackdowns by foreign states—in each case targeting American speakers and American companies.”

As such, their entry to the U.S. has “potentially serious adverse foreign policy consequences,” he said.

“Based on these determinations, the Department has taken steps to impose visa restrictions on agents of the global censorship-industrial complex who, as a result, will be generally barred from entering the United States.”

Breton, who served as EU commissioner between 2019 and 2024, wrote on X: “As a reminder: 90% of the European Parliament — our democratically elected body — and all 27 Member States unanimously voted the DSA.”

“To our American friends: “Censorship isn’t where you think it is.””

President Trump expands travel ban

It comes as President Donald Trump continues to ramp up travel restrictions for foreign visitors and criticizes Europe.

Rubio did not identify who his department had taken action against, however Under Secretary for Public Diplomacy Sarah Rogers later did so on X.

Josephine Ballon, the co-leader of HateAid who serves on Germany’s Advisory Council of the Digital Services, was among those working on anti-disinformation campaigns to receive sanctions. Her co-leader Anna-Lena von Hodenberg was also affected. CNBC has reached out to Ballon and Von Hodenberg for comment.

The bans are part of efforts to enforce what Rogers refers to as a “red line” for the U.S. and the “extraterritorial censorship of Americans.”

In an interview with GB news on Dec. 4, Rogers took aim at the U.K.’s Online Safety Act (OSA), saying the law was being applied extraterritorially, accounting for U.S. citizens’ speech about U.S. politics on U.S.-based platforms.

Europe’s DSA and the U.K.’s OSA are among only a handful of pieces of legislation designed to keep the power of Big Tech in check and improve safety for children online.

The DSA forces tech giants like Google and Meta to police illegal content more aggressively, or face hefty fines, while the OSA law requires age verification on adult sites and a number of other platforms.

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Waymo will update driverless fleet after San Francisco blackout to improve navigation during outages

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Waymo will update driverless fleet after San Francisco blackout to improve navigation during outages

A Waymo car is halted on the road amid a power outage in San Francisco, California, U.S., December 20, 2025, in this screengrab obtained from a social media video.d

Reuters

Three days after a blackout in San Francisco caused Waymo to pause its driverless car service, the Alphabet-owned company said it’s updating its fleet so its vehicles are better prepared to respond during future outages.

“We’ve always focused on developing the Waymo Driver for the world as it is, including when infrastructure fails,” the company said in a blog post late Tuesday.

Power outages began early afternoon on Saturday in San Francisco and peaked roughly two hours later, affecting about 130,000 customers, according to Pacific Gas and Electric. As of Sunday morning, about 21,000 customers remained without power. PG&E said a fire at a substation resulted in “significant and extensive” damage.

With stoplights and traffic signals not functioning, the city was hit with widespread gridlock. Videos shared on social media appeared to show multiple Waymo vehicles stalled in traffic in various neighborhoods.

“We directed our fleet to pull over and park appropriately so we could return vehicles to our depots in waves,” Waymo said in Tuesday’s blog post. “This ensured we did not further add to the congestion or obstruct emergency vehicles during the peak of the recovery effort.”

San Francisco Mayor Daniel Lurie said in an update on X Saturday evening that police officers, fire crews, parking control officers and city ambassadors were deployed across affected neighborhoods.

Waymo said that it’s analyzing the event, and is taking three “immediate steps.”

The first involves “fleet-wide updates” to give vehicles “more context about regional outages,” so cars can take more decisive actions at intersections. The company said it’s also improving its “emergency response protocols,” and is coordinating with Mayor Lurie’s team in San Francisco to better collaborate in emergency preparedness. Finally, Waymo said it’s updating its first responder training “as we discover learnings from this and other widespread events.”

In addition to the Bay Area, Waymo currently serves paid rides to the public in and around Austin, Texas, Phoenix, Atlanta and Los Angeles. The company recently crossed an estimated 450,000 weekly paid rides, and said in December it had served 14 million trips in 2025, putting it on pace to end the year at more than 20 million trips total since launching in 2020.

“Backed by 100M+ miles of fully autonomous driving experience and a record of improving road safety, we are undaunted by the opportunity to challenge the status quo of our roads, and we’re proud to continue serving San Franciscan residents and visitors,” the company said in Tuesday’s blog.

— CNBC’s Lora Kolodny and Jennifer Elias contributed to this report.

WATCH: Waymo service resumes after errors cause issues in San Francisco

Waymo service resumes after errors cause issues in San Francisco

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Motive, an Alphabet-backed fleet management software company, files for IPO

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Motive, an Alphabet-backed fleet management software company, files for IPO

Direxion signage at the New York Stock Exchange (NYSE) in New York, US, on Monday, Dec. 22, 2025. The holiday-shortened week started with gains in stocks amid a broad advance that saw a continuation of the bullish momentum on Wall Street.

Michael Nagle | Bloomberg | Getty Images

Motive, a company with software for managing corporate trucks and drivers, on Tuesday filed for an initial public offering on the New York Stock Exchange under the symbol “MTVE.”

The paperwork puts Motive among a fast-growing group of tech companies looking to go public in 2026. Anthropic, OpenAI and SpaceX have all reportedly considered making their shares widely available for trading next year.

Motive is smaller, reporting a $62.7 million net loss on $115.8 million in revenue in the third quarter. The loss widened from $41.3 million in the same quarter of 2024, while revenue grew about 23% year over year. The company had almost 100,000 clients at the end of September.

Ryan Johns, Obaid Khan and Shoaib Makani started Motive in 2013, originally under the name Keep Truckin. Makani, the CEO, is Khan’s brother-in-law.

Investors include Alphabet’s GV, Base10 Partners, Greenoaks, Index Ventures, Kleiner Perkins and Scale Venture Partners.

Motive’s AI Dashcam device for detecting unsafe driving “has prevented 170,000 collisions and saved 1,500 lives on our roads,” Makani wrote in a letter to investors. Most revenue comes from subscriptions, although Motive does sell replacement hardware and professional services.

The San Francisco company changed its name to Motive in 2022, and as of Sept. 30, it employed 4,508 people. Motive employs 400 full-time data annotators who apply labels that are meant to enhance artificial intelligence models.

Motive has ongoing patent-infringement litigation with competitor Samsara, which went public in 2021 and today has a $22 billion market capitalization.

WATCH: AI IPO boom next year? The changing 2026 IPO landscape

AI IPO boom next year? The changing 2026 IPO landscape

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