Europol Warns Zcash, Monero and Ether Playing Growing Role in Cybercrime

European Union legislation enforcement company Europol has for the to start with time unveiled a cybercrime report inspecting the rising role of zcash, monero and ether on the darknet.

In the 2017 Net Organised Crime Danger Evaluation (IOCTA), Europol states that, despite the fact that bitcoin is however the chosen currency in cybercrime, the landscape is starting to evolve, with “monero, ethereum and zcash … gaining level of popularity inside of the electronic underground.”

The study document analyzes the differing desirability of these cryptocurrencies for cybercriminals, and concludes that monero is increasingly common owing to the “more protection and privateness options it offers.”

The document describes:

“Transactions are not able to be attributed to any unique user/ deal with, all coins used in a transaction are ‘hidden’ by default, and transaction histories are kept non-public.”

Europol also mentions the cryptocurrencies’ level of popularity on darknet marketplaces, and decribes the to start with identified circumstance, previously this calendar year, of a monero-targeted ransomware named Kirk.

Talking about ethereum’s ether token, the evaluation restates Europol’s previously issues that good contracts could be used to formalize payments among crime assistance providers. Further, it files a circumstance of a decentralized darknet marketplace prepared to function on the ethereum blockchain.

The document goes on to say that zcash “has however to characteristic in any noted legislation enforcement investigations.” Even so, owing to its privateness options, which involves “obscuring both of those the transaction receiver and transaction volume,” darknet marketplaces are fascinated in the currency. 

Even though because disbanded, the most significant darknet marketplace AlphaBay additional monero and ethereum as payment solutions in the calendar year prior to its closure, and experienced options to carry out zcash.

Europol shutdown AlphaBay previously this calendar year as part of an internationally coordinated darknet crackdown.

An investigative document stated at the time that authorities experienced seized substantial quantities of bitcoin, ethereum, zcash and “an not known volume of monero” from the site administrator. Monero lovers celebrated the statement on social media as evidence of the resilience of the currency.

Disclosure: CoinDesk is a subsidiary of Digital Currency Team, which has an ownership stake in Zcash Business, the for-financial gain entity that develops the Zcash protocol.

Underground passage image via Shutterstock

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