Litecoin, according to a new report published by Recorded Future, is now the second most popular cryptocurrency token on the Dark Web. The report undertook a longitudinal analysis of digital communications avenues available to users on the dark web and found that nearly 30 percent of Dark Web vendors accept Litecoin.
Whilst Bitcoin remains supreme, Recorded Future undertook a longitudinal analysis of dark web communication portals – like message boards, marketplaces etc. – to help understand the structural apparatus for cryptocurrency payments within this ecosystem.
The authors found that 30 percent of the dark web evaluated by the report accepted Litecoin. The report also noted that one in five dark web platforms accept Dash. However, Bitcoin’s dominance was still ever-present.
The report noted:
“Bitcoin remains the gold standard in the dark web, with all vendors accepting it as a payment, and Litecoin emerged as the second most popular currency, with 30 percent of all vendors who implemented alternative payment methods willing to accept it. Dash is closely trailing Litecoin with 20 percent of the market. Unexpectedly, Bitcoin Cash was the third most common cryptocurrency with 13 percent of vendors trusting it as a payment method.”
According to the report, dark web ‘criminals’ have started to voice dissatisfaction connected with the transactional cost of using Bitcoin and that in response to a loss of ‘revenue’ many dark web operators have started to utilise alternative token cryptocurrencies.
However, the initial commentariat thinking was that criminals would simply move to Monero or Dash. The evidence from this longitudinal study articulates an alternative reality on the dark web – one that sees Litecoin as a popular crypto coin for dark web transactions.
The report also argued that Litecoin will play a part within the mainstream criminality of cyber-attacks. As Litecoin’s popularity grows, so will the usage of Litecoin-enabled malware. This could result in a brand-damaging outcome for the Litecoin Core Development Team. The latest news that Litecoin will be ‘forking’ could also be connected to the dark web antecedents that have slowly impugned on the credibility of the token’s authority within the mainstream.
The news that Litecoin is forking into Litecoin Cash was met with market uncertainty as the price fell 1.78 percent in post-announcement trading. The founder of Litecoin, Charlie Lee, has questioned the fork – with some articulating that the move could be a scam.
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Last modified: May 20, 2020 9:05 PM UTC