11.2 C
September 19, 2020
Image default

Zcash: use cases include black market

Zcash use-case reports point to money laundering, black market and terrorism.

Yesterday, a report was published on Zcash (ZEC) use cases for illegal and criminal purposes, commissioned by the Electric Coin Company, the developer of the Zcash blockchain.

Among the use cases, activities carried out with Zcash in the digital black markets, including the most famous called Berlusconi Market, are also reported.

The report, very detailed in its 65 pages, describes and analyzes the various sectors in which the privacy currency is used.

First, there is money laundering (34%), followed by payment for goods and services on the black market (28%) and, third, terrorism (18%).

The report analyzes the various black markets according to their use: first, there is Dream (75%), followed by the Berlusconi market (9%) and then Tochka (7%), which shows that there are several markets where criminals can sell and buy illegal goods and services, such as weapons, drugs, but also cyber attacks and so on.

In general, however, Zcash is not the most widely used crypto for illicit purposes: in fact, firstly, there are Bitcoin (BTC) and Bitcoin Cash (BCH) with 59%, secondly Monero (XMR) with 27% and in third place Ethereum (ETH) with 12%.

Zcash is used by only 1% of criminals. The volatility of the BTC is greater than that of the ZEC and, therefore, it is understandable that criminals sometimes prefer to have an asset that can increase exponentially over time, rather than using less widespread cryptography, to later convert it into a exchange and, thus, perform the KYC (Know your client) and AML (anti money laundering) procedures.

In conclusion, it can be argued that a privacy cryptography is not always the most used cryptography for criminal operations: in fact, ransomware generally requests BTC and not Monero (XMR).

Source: cryptonomist

Related posts

DogeCoin values ​​20% thanks to Elon Musk

Anupreet Kaur

McAfee returning to the Ghost Coin project?

Anupreet Kaur

Zuckerberg explains how Facebook can make money from Libra

Anupreet Kaur

Leave a Comment