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Tuesday, June 10, 2025
Secret Altcoin Goes Parabolic After Rumors of European Ban on Privacy Coins Swirl
Anonymity-focused altcoins have outperformed other cryptocurrency markets amid rumors of privacy coin bans in Europe.
Secret (SCRT) is a privacy-centric chain built on top of the Cosmos (ATOM) network using end-to-end encryption and smart contracts called “Secret Contracts”.
Its network aims to keep coins or blockchains private by allowing users to encrypt details such as token balances and send and receive wallet addresses exchanged for secret tokens.
The project also uses a secret bridge to park coins from other blockchains in smart contracts on the origin chain, creating an equivalent amount in the secret network to turn coins into secret tokens. Convert.
While the rest of the digital asset market consolidates near local lows, SCRT suddenly went parabolic on Wednesday, rising 101% from $0.64 to $1.29 in less than a day.
As of this writing, SCRT is trading at $0.91, up 42% over the past 48 hours but down 91% from its all-time high of $10.38.
Privacy coins are facing increasing pressure from European regulators as well as the US, including the Financial Action Task Force (FATF).
FATF to force governments to force cryptocurrency exchanges, banks, over-the-counter (OTC) desks, and hosted wallets to share identifying information about people involved in cryptocurrency transactions worth $10,000 or more. We are trying to enforce a “Travel Rule” that recommends
Earlier this year, the U.S. Treasury Department licensed the Ethereum-based crypto-mixing service Tornado.cash, a few weeks before the developer behind the open-source protocol was arrested in the Netherlands, prompting criticism from crypto-privacy advocates. caused it.
Crypto think tank Coin Center has since sued the Office of Foreign Assets Control (OFAC) for sanctions.
Coin Center Executive Director Jerry Brito said:
We are not only fighting for our right to privacy, but if this precedent is allowed to continue, OFAC will add entire protocols such as Bitcoin and Ethereum to the sanctions list in the future, without public proceedings. We may immediately ban it.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun/Natalia Siiatovskaia
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