Europol warns of growing use of Ethereum, ZCash and Monero in criminal activities

According to the agency, these criptomonedas have been used to carry out illicit commercial activities in the existing markets in the underworld.

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The European Union criminal law and criminal investigation agency, Europol, has for the first time released a report in the area of ​​cybercrime, which calls attention to the growing use of ZCash, Monero and Ether in the markets of the Deep Web.

In the evaluation carried out during the IOCTA 2017 event, Europol says that although Bitcoin remains the digital currency preferred by criminals to perpetrate their crimes, the landscape begins to evolve and now criptomonedas such as Monero, Ethereum and ZCash begin to have greater participation.

This evaluation examines why these cryptones are so useful for offenders who operate online, concluding that, among them, Monero is becoming more popular due to the security and privacy properties that it offers.

The published document reads:

Transactions made with the digital coins reviewed can not be attributed to any particular user or address, all the cryptones used in a transaction are hidden by default, and the records of the transfers made are kept private. "

Europol also mentioned the growing popularity of cryptones in the Deep Web markets and described the first known case, which took place earlier this year, of a monomer-based rasomware called Kirk.

On the Ether case, the evaluation reiterates the concerns of the Europol team that smart contracts made through the cryptomonnet platform can be used to formalize payment mechanisms between providers of criminal services and stakeholders. In addition, they also document the case of a decentralized Deep Web market designed to operate in Ethereum's Blockchain.

And in relation to ZCash, although it has not yet been included in some research conducted by the agency, it is mentioned that its intrinsic characteristics make it a digital currency with characteristics very attractive for the markets that operate in the underworld of the internet .

The case of AlphaBay, one of the biggest markets of the Deep Web, which before its closure had incorporated to Monero and to Ethereum as valid options of payment, is brought up and had plans to include ZCash in the list. Europol carried out the closure of this service as part of an international campaign against the marketing of illicit products through the internet.

In a document linked to the investigation of the case, it was detailed that the authorities had seized large amounts of Bitcoin, Ethereum and ZCash balances, as well as an undetermined number of Monero assets to the website administrator. Enthusiasts of the digital coins mentioned, far from acknowledging the facts as something punishable, were in favor of what happened, claiming that this is proof of the anonymity and safety of the use of cryptones, especially Monero.

Source: CoinDesk
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