Andy Greenberg On How ‘Tracers In The Dark’ Found The Dark Web’s Worst Criminals
Introduction to Darknet Markets and Zcash
As smurfing can take place by unwitting third parties, it is often difficult to identify as the person committing the layering activity may not be aware of the source or destination of the funds. In August 2022, OFAC sanctioned Tornado Cash, which has been used by North Korean cyber-criminals and other threat actors to launder the proceeds of hacks and other illicit activity. TRM Labs showed that North Korean cyber actors used Tornado Cash to launder over USD 1 billion of stolen funds in at least ten major cryptocurrency heists. In the case shown above, a single exchange address received funds from 40 different cash-to-crypto services ATMs located all over North America.
One of the most promising newcomers to the cryptocurrency scene is Zcash, a decentralized digital currency that aims to provide users with enhanced privacy and security. As blockchain technology continues to evolve, Zcash represents a new era in cryptocurrency that could change the way we think about online transactions. In this section, we will discuss the future of zcash and its potential impact on the world of cryptocurrency.
“I basically use Monero to pay people with bitcoin anonymously,” Todd says. The Dark Web is a hidden part of the internet that requires specific software or configurations to access. Due to its anonymity and lack of oversight, it has become a hub for illegal activities such as drug trafficking, human trafficking, and cybercrime. As a result, users often require a way to conduct transactions anonymously to avoid detection by law enforcement or other malicious actors. “It’s very hard to develop total privacy. It’s not necessarily the case that privacy coins are completely anonymous. It’s also worth noting that privacy coins — like other cryptocurrencies — operate on an immutable ledger,” Grigg said. Several countries, including Japan, Australia and South Korea, have put severe regulatory pressure in recent years against cryptocurrency exchanges offering privacy coins, resulting in many delisting the coins in such territories.
The emergence of digital currencies has significantly impacted the darknet market landscape. Among various cryptocurrencies, Zcash stands out due to its focus on privacy and anonymity.
These networks are TOR, also known as The Onion Router and the Invisible Internet Project (I2P). Verge uses these networks to blur the IP addresses of the parties involved in a transaction. Both of these choices described above are available on the same blockchain. This option to choose will benefit the users that value transparency and privacy. It is because they would be able to use the record-keeping feature of blockchain.
This article explores which darknet markets accept Zcash and the advantages of using Zcash in these environments.
Treasury, for the first time, sanctioned a virtual currency exchange for laundering cyber-fraud ransomware payments. Does the crypto exchange in question have a dedicated AML program, compliance officer and does it capture and share know-your-customer information on users with banks or other crypto exchanges. More fraudsters and romance scammers are coaching victims to not just liquidate their savings, but transmute them into virtual value before sending the digitized funds to addresses and exchanges controlled by criminal groups. Zcash (ZEC), on the other hand, gives users the option to send a normal transaction or a shielded transaction (private transaction). Recent statistics show that only about 6% of transactions on the Zcash network are fully protected and 15% partially.
As such, they are normally under intense scrutiny from law enforcement and security professionals alike. Bitcoin is now an asset that institutions control, and its market cap is approaching $1 trillion. The well-known darknet marketplace has stopped supporting payments in Bitcoin and now accepts only Monero. This is a statement issued by the platform and distributed in social networks. The website’s operators accepted bitcoin, Litecoin, Monero and Zcash cryptocurrencies for payment. They also received a 3% commission for processing the sales of illegal goods via the platform.
Understanding Zcash
Sometimes, projects are called rugpulls by the community when they overpromise and underdeliver, though this is more difficult to outright label as fraud. TRM Labs research found that the scheme has received nearly USD 400 million since 2020. The apparent successor to Forsage, Meta Force, received about USD 574 million in 2022. Investment fraud centers on the solicitation of funds for fraudulent investments or projects. In the cryptocurrency space, these often involve fake initial coin offerings (ICOs), unregistered securities or fraudulent investment platforms. Investment fraud involving cryptocurrency rose by nearly 200% from USD 907 million in 2021 to USD 2.57 billion in 2022, according to the FBI’s annual Internet Crime Report.
Zcash is a privacy-focused cryptocurrency that allows for shielded transactions, offering users the ability to maintain a high level of anonymity. This feature makes it appealing for those looking to conduct transactions in less-visible environments, such as darknet markets.
Benefits of Using Zcash on Darknet Markets
Utilizing Zcash in darknet transactions provides several advantages:
- Privacy: With Zcash, transaction details remain private, offering a high level of confidentiality.
- Security: Zcash utilizes advanced cryptographic methods to ensure that funds are safe.
- Decentralized Transactions: As with other cryptocurrencies, Zcash transactions do not go through intermediaries, increasing efficiency.
Darknet Markets That Accept Zcash
- The ring signature ensures that every Monero transaction between two parties is grouped with other multiple transactions that occur among other unrelated parties.
- Finally, ZCash is also being used on the Dark Web for censorship resistance and free speech purposes.
- Yet, the Verge team is working tirelessly to offer value to the Verge users.
- Buyers can purchase a range of digital goods and services, which include illicit drugs, software and malware, and services related to fraud.
Several darknet markets have begun to incorporate Zcash as a payment option. Below are some of the notable markets:
1. Empire Market
Empire Market is one of the largest darknet markets that accept Zcash. It features a variety of products, including drugs, digital goods, and hacking services.
2. White House Market
White House Market is known for its user-friendly interface and extensive product listings. It supports Zcash payments, providing an added layer of anonymity.
3. Cannazon
This marketplace specializes in cannabis-related products and also accepts Zcash. Cannazon’s focus on compliance and customer safety adds to its appeal.
4. Darknet Heroes
A newer entry, Darknet Heroes, is rapidly gaining popularity and includes a variety of vendors who accept Zcash.
5. The Hub
The Hub is aimed at tech-savvy users and offers a range of services, including hacking and malware for hire, making Zcash a suitable payment option for its users.
Payment Process Using Zcash
Purchasing on darknet markets with Zcash usually involves the following steps:
- Create a Zcash wallet to store your cryptocurrency.
- Obtain Zcash through exchanges or from peers.
- Select the darknet market of your choice.
- Navigate to the checkout page and select Zcash as your payment method.
- Confirm the transaction and send the required amount to the specified Zcash address.
Frequently Asked Questions
What is the advantage of using Zcash over Bitcoin on darknet markets?
While Bitcoin is widely accepted, it does not offer the same level of privacy that Zcash does. Zcash transactions are shielded, meaning they do not appear on a public blockchain, enhancing user anonymity.
Are Zcash transactions irreversible?
Yes, Zcash transactions are irreversible, similar to Bitcoin. Once a transaction is confirmed, it cannot be undone.
How can I ensure the safety of my Zcash wallet?
To secure your Zcash wallet, utilize methods such as:
- Two-factor authentication
- Choosing reputable wallet providers
- Regularly updating security features
Conclusion
For those venturing into the realm of darknet markets, understanding which darknet markets accept Zcash is crucial for maintaining privacy and security. Zcash provides a reliable option for users seeking anonymity in their transactions while navigating the complexities of online marketplaces.
