LocalBitcoins Says Tor Browser Users are Prone To Bitcoin Theft

Localbitcoins has alleged that Tor browser raises the threat of Bitcoin heist. Localbitcoins triggered a debate by stating that the Tor browser geared towards privacy adds to the threat of Bitcoin theft.

The firm posted a notice on its blog on Tuesday. The alert to Tor customers pointed out that the use of Tor Browser has made them vulnerable to Bitcoin theft. Whether the text was only noticeable to Tor customers or to all visitors of the company’s website is unclear.

No remarks have been made by the executives about the issue, and so far, there is no valid explanation for the issue. The post was first discovered by Twitterati Richard Bensberg. Bensberg Tweeted a screenshot of the alert message. Tor browser, which is focused on privacy, is proud about the user info safety it offers.

Therefore, allegations of likely Bitcoin theft by Tor browser are destined to generate debate. Richard himself considers the allegations to be incorrect. In his article, he observes that there could be a hidden agenda because browsers like Firefox are as susceptible to exploits like Tor.

This alert was published in a difficult moment by localbitcoins. The business has recently toughened its identification criteria and, as a result, many consumers are becoming cautious about its rigid strategies. Therefore criticism of Tor browser has caused more doubts.

In June, Localbitcoins demanded personal info of users to trade using its platform. This step caused uneasiness among clients as Bitcoin trading information is preferred to be kept private and available to the consumer only. The managers have clarified that they have to comply with Know Your Customer (KYC) requirements as per the laws of the European Union (EU).

Users must send their data on or before October 1st, or their trading accounts will be locked. Tor Browser is the Tor Project’s show piece tool, the company behind the incognito Tor network.

In July 2019, the crowdfunding initiative for the Tor Project raised $10,000 softcap within 25 hours after its launch. Ultimately, the two-week initiative collected $18,892 to promote its internet objectives of privacy and liberty.

Tor has several supporters, including Edward Snowden, the renowned whistleblower of the National Security Agency. In the meantime, after the exchange suddenly ended the opportunity for customers to conduct local currency trades in mid-June, LocalBitcoins saw a significant decrease in trading volumes.

LocalBitcoins began to implement stringent measures on June 18, offering four distinct account levels within its new validation mechanism, placing constraints for selling Bitcoin and publishing advertisements.