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Localbitcoins claims Tor browser increases risk of Bitcoin theft

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Localbitcoins created a controversy by saying that the privacy-focused Tor browser increases the risk of Bitcoin theft.

On Tuesday the company published a warning on its website. The notice dedicated to Tor users stated that the use of a Tor Browser exposed them to risks of Bitcoin theft. It is unknown whether the message was visible to only Tor users or others as well. The executives have not made any statements regarding the matter, and the reason behind it remains unknown.

Localbitcoins’ accusation of Tor increasing Bitcoin theft: Why?

Twitter user Richard Bensberg initially noticed the message. Bensberg after seeing the warning posted a screenshot in a Twitter post.

Tor browser is a privacy-focused browser that takes pride in the security of user data it provides. Alleging such software with risks of Bitcoin theft is bound to create a controversy. Richard himself believed that the allegation was wrong. In the comments to his post, he stated that there must be an ulterior motive as browsers like Firefox are just as vulnerable to such attacks as Tor.

Did Localbitcoins have an ulterior motive?

Localbitcoins posted this warning in a rough time. Recently, the company has been increasing its identification requirements, and hence, many users are becoming wary of its stiffening policies. Thus accusing Tor browser raised more questions.

The platform announced in June that all users must provide personal information to trade. This move stirred things up as people believe Bitcoin trading data should be private and accessible to the user alone.

The executives claimed that they require Know-your-Customer (KYC) demands because they need to comply with European Union (EU) policies. Users have till first October to submit their information or their accounts will be frozen.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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