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A Traceability Analysis of Monero’s Blockchain

Part of the Lecture Notes in Computer Science book series (LNSC,volume 10493)


Privacy and anonymity are important desiderata in the use of cryptocurrencies. Monero—a privacy centric cryptocurrency has rapidly gained popularity due to its unlinkability and untraceablity guarantees. It has a market capitalization of USD 290M. In this work, we quantify the efficacy of three attacks on Monero’s untraceability guarantee, which promises to make it hard to trace the origin of a received fund, by analyzing its blockchain data. To this end, we develop three attack routines and evaluate them on the Monero blockchain. Our results show that in 88% of cases, the origin of the funds can be easily determined with certainty. Moreover, we have compelling evidence that two of the attack routines also extend to Monero RingCTs—the second generation Monero that even hides the transaction amount. We further observe that over 98% of the results can in fact be obtained by a simple temporal analysis. In light of our findings, we discuss mitigations to strengthen Monero against these attacks. We shared our findings with the Monero development team and the general community. This has resulted into several discussions and proposals for fixes.


  • Monero
  • Cryptocurrency
  • Blockchain
  • Traceability
  • Anonymity

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    Transactions that do not create any new coin. The opposite of coinbase transactions that create new coins.

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    Height is defined as the number of blocks preceding a particular block on the blockchain.


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Authors would like to thank the anonymous reviewers for their feedback. Amrit Kumar was supported by the research grants R-252-000-560-112 and R-252-000-565-720 from MOE Singapore.

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Kumar, A., Fischer, C., Tople, S., Saxena, P. (2017). A Traceability Analysis of Monero’s Blockchain. In: Foley, S., Gollmann, D., Snekkenes, E. (eds) Computer Security – ESORICS 2017. ESORICS 2017. Lecture Notes in Computer Science(), vol 10493. Springer, Cham.

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