LocalBitcoins Claims Popular Anonymous Browser TOR Exposes Users To Threat Of Losing Crypto

Finnish p2p bitcoin trading platform LocalBitcoins is advising its users not to use free and open-source software for enabling anonymous communication called Tor.

The motivation for the message is currently uncertain; the company executives have not provided comments yet. The screenshot was posted on Twitter by Richard Bensberg who is a transaction compliance expert, where it quickly received the feedback of other users. According to most comments, the warning unfairly evaluates Tor's qualities, as other browsers like FireFox are vulnerable as well.

Tor is short for The Onion Router and was initially a worldwide network of servers developed with the U.S. Navy that enabled people to browse the internet anonymously. The Tor network disguises your identity by moving your traffic across different Tor servers, and encrypting that traffic so it isn't traced back to you. The company claims it has no choice but to request data in order to continue to operate in jurisdictions such as the European Union, which places high demands on AML and KYC rules.

However, representatives of TOR say that the security threat is overstated. In June, the platform announced that each user should provide personal information in order to trade, which, according to many, is contrary to the ideas of Bitcoin itself. Threat actors or nation-states looking into degrading the performance of the Tor anonymity network can do it on the cheap, for only a few thousand US dollars per month, new academic research has revealed.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Sritanshu Sinha
Sritanshu Sinha
Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,469FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

Dapper Labs Raises $12M with NBA Players from the Brooklyn Nets & Miami Heat Participating

Vancouver-based Dapper Labs has raised $12 million in its latest financing round with additional backing from Coinbase ventures and Distributed Global. Its existing investors...

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

Polkadot (DOT) Launches The First Parachain Implementation Testnet, Rococo

Polkadot introduces parachain functionality with Rococo testnet, a Proof of Authority (PoA) network, allowing users to send direct messages to the Relay Chain and...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today