Litecoin, Not Monero, Is the 2nd Most Dominant Dark Web Currency

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A research study of 150 of the most prominent Dark Web message boards, marketplaces, and illicit services exposes that Litecoin is currently the second most extensive cryptocurrency among cyber-criminals, and not Monero or Ethereum, as most users would have guessed.The research study

, which included Tape-recorded Future employees checking out each of the 150 sites in turn and studying the supported payment channels, validated that Bitcoin is seeing a pushback from the cyber-criminal underground, looking for more stable approaches of payment.Cyber-criminals are searching for alternative payment systems The reason is the very same as why lots of regular

Bitcoin users are abandoning the currency– the high transaction charges that take excessive time to complete.Most legitimate users are transitioning from seeing Bitcoin as an alternative digital payment system to a commodity, and the exact same can be stated for cyber-criminals. Inning Accordance With Taped Future, many Dark Web illegal services have carried out alternative payment systems besides Bitcoin, as a method to counter current cost changes, high transaction fees, and the ever-increasing transaction time.Researchers discovered Litecoin payment systems implemented on 30%of the sites they examined, while Dash came 2nd with a 20% share

. Bitcoin Money, Ethereum, and Monero came next, with 13%, 9 %, and 6%respectively.Numbers likewise differed between websites. For example, Monero was the favorite on English-speaking sites, while Russian-speaking portals chosen Litecoin.

Overall, English-speaking websites preferred cryptocurrencies that put a focus on privacy, while Russian-speaking websites didn’t appear to care.A factor for this might be the perspective that Russian cyber-criminals are left alone by Russian authorities, as long as they do not target fellow Russians, a factor why Russian-speaking criminal forums didn’t bother supporting privacy-hardened cryptocurrencies, as they do not fear they’ll be targeted by regional law enforcement.Monero fanbase growing However the chart and numbers from above program only exactly what site administrators are currently supporting, and might not necessarily reflect what cyber-criminals want.Fortunately, researchers found a survey with numerous

votes on among the most popular Dark Web criminal forums. The survey revealed that forum users would have preferred the website to support Monero and Dash as payment systems in the future

, revealing Monero’s increasing popularity.For people following the malware scene, it’s not a surprise that Monero is gaining a larger and larger fanbase. This is since Monero is still pretty easy to mine and has spurned 2 of today’s most extensive malware trends– the implementation of Monero-mining malware on servers and desktop computers; and the release of scripts(in-browser cryptocurrency miners )on hacked websites.Currently, Bitcoin is still the dominant payment method for unlawful products on the cyber-criminal underground, however as the cryptocurrency’s use as a payment system continues to decrease, brand-new and more effective payment channels will take its location. For now, the race is in between Litecoin and Dash, with Monero coming quickly from behind.This post is based on a seven-page report from Recorded Future. For more information, the report can be downloaded in PDF format from here.