Monero cryptocurrency co-founder arrested in the U.S.

Monero cryptocurrency co-founder Riccardo Spagni was arrested July 20 by police in Nashville, Tennessee, in the United States, Cointelegraph reports. Spagni is accused of fraud between 2009 and 2011 when he worked for Cape Cookies, a South African company. The arrest was made at the request of the South African government, which is seeking his extradition. If extradited to South Africa, Spagni faces up to 20 years in prison.

At the time of his arrest, Spagni was aboard a private jet bound for Los Cabos, Mexico. The plane had landed for refueling in Nashville.

What the founder of Monero is accused of

Spagni is accused of fraud between 2009 and 2011, when he worked for a South African company called Cape Cookies.

The arrest was made at the request of the South African government, which is seeking his extradition. If extradited to South Africa, Spagni faces up to 20 years in prison.

At the time of his arrest, Spagni was aboard a private jet bound for Los Cabos, Mexico. The plane had landed for refueling in Nashville.

Acting U.S. Attorney Mary Jane Stewart asked the court to deny any request for bail for Spagna. According to the prosecutor, the defendant is highly motivated to flee and has "significant crypto assets in his possession."

A court hearing will be held Aug. 5 to decide whether Spagni will remain in custody until his case is heard.

Acting U.S. Attorney Mary Jane Stewart asked the court to deny any request for bail for Spagna. According to the prosecutor, the defendant is highly motivated to flee and has "significant crypto assets in his possession." A court hearing will be held on Aug. 5 to decide whether Spagni will remain in custody until his case is heard.

The cryptocurrency Monero (XMR) was created based on the blockchain token ByteCoin, developed in 2014. ByteCoin is the first cryptocurrency to use the CryptoNote protocol. This protocol includes mechanisms that make the blockchain completely anonymous. In 2019, Spagni left his position as the lead developer of Monero.

Monero is a cryptocurrency based on the CryptoNote protocol, focused on increased privacy of transactions.

The cryptocurrency appeared on April 18, 2014 as a fork of Bytecoin (not to be confused with Bitcoin). When it turned out that more than 80% of Bytecoin's maximum amount had already been distributed, the community decided to reissue it under the name "Monero," starting with zero pre-mining.

The principle of anonymity has led to accusations that Monero could be used for drug trafficking, distribution of child pornography, etc.

Because of this, Europol expressed concern in 2017 about the growing popularity of Monero. However, later in October 2019, in an official Europol report assessing threats to organized crime on the Internet, the organization reported that despite earlier concerns about the growing popularity of Monero, Bitcoin remains the most popular cryptocurrency among cybercrime.

Monero's level of anonymity is sometimes questioned, with Edward Snowden in particular calling it an "amateur cryptocurrency.

Monero exchange rate to the dollar - XMR / USD

Monero (XMRUSD) - a cryptocurrency based on the Crypto Note protocol and focused on enhanced anonymity for participants of transactions.

How to buy and sell XMRUSD?

For a simple exchange of one cryptocurrency to another, you can use specialized cryptocurrency exchanges. However, it is better to use a broker and trading platforms to make money on changes in its value. These platforms make transactions easier and allow you to use leverage.

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