Lately, the crypto market has caused most cryptocurrencies to display decreasing values. Despite this, some investors remain unbothered by the market swings. However, certain parts of the crypto world have grown more anxious, and they appear to be selling off their holdings instead of holding on for potential gains.
In spite of certain setbacks, some projects have shone brilliantly this past week. Notably, among today’s top performers, privacy protocol Railgun has experienced an extraordinary surge, climbing an impressive 53% within the last 24 hours. This upward trend follows a week of notable endorsement from influential figures in the cryptocurrency sector.
Vitalik Buterin Shows Support To Privacy Tools
On Monday, it was announced that Vitalik Buterin, the founder of Ethereum, moved 100 Ether, approximately equal to $325,000, to Railgun. Railgun is a confidentiality protocol for the Ethereum Virtual Machine (EVM) that facilitates private transactions in the Decentralized Finance (DeFi) sector.
Despite facing criticism for his recent action, many responses defended Buterin’s employment of privacy tools. Some users noted that all of Buterin’s on-chain maneuvers are closely scrutinized and subject to much conjecture. (Or: In spite of the criticism his latest move drew, most comments endorsed Buterin’s application of privacy features. A few users mentioned that every action taken by Buterin on the blockchain is examined closely and discussed extensively.)
Later on, Ethereum’s creator spoke out about the announcement, endorsing the application of the Privacy Pools protocol in the project. This feature significantly increases the difficulty for malicious actors to infiltrate the pool without infringing upon users’ privacy.
Privacy is normal.
Using the Railgun technology, the privacy pools protocol (__) ensures that it becomes significantly more challenging for malicious actors to infiltrate the pool without infringing upon the privacy of other users.
— vitalik.eth (@VitalikButerin) April 15, 2024
In his post, Buterin emphasized the importance of privacy, a viewpoint he’s shared previously. He’s explored the application of Privacy Pools as a potential solution for balancing blockchain privacy with regulatory requirements.
Following the publication of the post, RAIL‘s price experienced a massive surge, increasing by an astounding 257%. The token’s value transformed from $0.56 to $1.97 within just a few short hours. Additionally, other privacy tokens in the market also saw gains, with Monero (XRM) and Oasis Network (ROSE) rising by 7% and 12.3%, respectively. According to CoinGecko’s current figures, the privacy token sector is currently up by 4.7%.
Railgun Defends From Crypto Laundering Allegations
On Taylor’s Third Day, Wu Blockchain brought attention to potential connections between the privacy protocol and the suspected North Korean hacking crew, Lazarus Group. According to their announcement, Lazarus Group is believed to employ Railgun as one of their mixing services.
Furthermore, the news article highlighted that in January 2023, the US FBI reportedly identified Railgun as a platform used to launder over $60 million in stolen ETH. The post also mentioned that Railgun has emerged as a popular alternative following the sanctions against Tornado Cash.
“Railgun disputed Wu Blockchain’s statements, labeling them as ‘inaccurate and misleading.’ Initially, the report was deemed to be an unfounded false claim.”
Instead, the Lazarus Group is prevented from employing the protocol’s system because of the “Personal Proofs of Clearness” (PPoc), as explained by them.
The Private POI tool, which has been in use for a year now, ensures that funds transferred to the RAILGUN smart contract have not originated from any transaction or actor blacklisted by the respective wallet providers through cryptographic means.
Yesterday, Poloniex exchange began offering trading for the $RAIL token at current market prices. Congratulations to them!
— RAILGUN – Private & Anonymous DeFi (@RAILGUN_Project) April 19, 2024
In spite of the ongoing debate, RAIL‘s price stayed above the $1 mark, fluctuating between $1.00 and $1.30 during the subsequent period. Following its debut on crypto exchange Poloniex, RAIL displayed a persistent trend of rising.
Currently, RAIL is priced at $1.85 on the market, representing a significant 18.2% increase within the past hour. A user from X community claims that a large investor, or “whale,” has recently purchased approximately 152,034 RAIL tokens, potentially contributing to this price rise.
In addition, RAIL experienced an impressive gain of 156% over the past week, while its daily trading volume surged by an astounding 376% compared to the previous day.
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2024-04-19 22:16