Zcash Study Exposes Lack of Crypto Usage Skills of Criminals
Rand Corp has published a research report stating that people utilizing Zcash for illegal or fraud activities in the dark web may not have clear understanding of the underpinning technology.
As per the 65-page document released on May 7, the US-headquartered analytical organization and government vendor underlined that wrongdoers have suspicion regarding the level of anonymity provided by Zcash.
The study underlines that the management of Zcash and its marketing as confirmable with AML/CFT rules may turn it less vulnerable to abuse for illegal or criminal use.
Nevertheless, there is one feature that the report discloses several criminal’s thought about Zcash: market circumstances, instead of particular traits of a specific cryptocurrency.
The document assumes that law breakers prefer to “go where the money is,” openly indicating about Bitcoin (BTC).
They point out that Bitcoin has a reputation of supremacy and offers criminals surety in their illegal activities, owing in part to its reputation.
The survey also underlines that criminals do not believe Zcash as viable as far as usability if concerned. Darknet analysis disclosed that Zcash has a relatively small to almost no presence. This may indicate that it is not appealing to users of these unlawful sites.
The document also details that several fraudsters are not utilizing shielded Zcash remittance facility, which would assist in safeguarding their identities. Researchers ponder that these users “either do not understand the Zcash operating model or are not aware.”
The study has determined:
“Bitcoin is still perceived to be the dominant cryptocurrency for illicit or criminal activities on the dark web.” Rand Corporation has explained that research on the utilization of cryptos in illegal actions linger “an emerging field.”
The survey contradicts with other analysis conducted by Chainalysis. In this research, Chainalysis indicated that Bitcoin is regarded as worst mode of payment for dark web activities. Nevertheless, it is frequently utilized and accepted.
Rand Corp. also released study on illegal trades on the dark web last year, confirming Bitcoin’s fame in illegal activities.