Not Zcash, But Criminals Favors Bitcoin: Rand Corporation

Jyoti  |  May 7, 2020

The founder of Zcash, Zooko Wilcox, does not like those people who keep indicating that Zcash us used by the criminals, therefore, to get rid of those nasty sentiments, he appointed the Rand Corporation.

While working for Zcash, Rand Corporation investigated the whole matter and then make it public.

Report By Zcash-Funded Rand

The 65-page report published by the researchers of the organisation, on May 06, 2020, revealed that in recent time also, Bitcoin is the supreme among criminal elements.

In the year 2019, the Electric Coin Company, the parent company of Zcash, authorized the organization to do its research.

During its study, Rand covered three areas where Zcash could be used illicitly, they were money laundering, illicit goods and services trading and terror financing, but the American nonprofit global policy think tank did not find the evidence, regarding it. 

However, in its report, Rand stated, “Zcash has only a minor presence on the dark web, indicating that Zcash is seen as a less attractive option to dark web users and is used less often compared to other cryptocurrencies, particularly Bitcoin and Monero”.

Contradictory Reports

The study by Rand further notified that only 1 percent of the illegal and illicit activities accepted Zcash, 59 percent accepted Bitcoin, 27 percent accepted Monero, 12 percent Ether and another 1 percent Litecoin.

Additionally, the report specified that most of the Zcash mentions are introduced by three sellers i.e., The Shop, Skyscraper and Cyberzen.

While concluding its investigation, the researcher specified that for illicit and criminal activities on the dark web, Bitcoin is being used because it leaves less financial trails.

Although Rand’s report has claimed that Zcash is not involved in criminal activity, a study by Europol in the year 2018, stated that ISIS, a terrorist militant group, preferred Zcash as a remittance.

In the same year, Chainalysis, blockchain analytics firm, released its study, which claims that in the darknet world, Zcash was very popular.

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