Cybercriminals are Selling Stolen Cash For Bitcoin On The Dark Web, Report Said

Bitcoin, the most popular cryptocurrency, is volatile in nature. But nevertheless, it's usage and popularity have grown to a degree that it was even seen comparable to gold.

On the dark web where black market and illegal trading takes place, people are selling stolen identities and others for Bitcoins.

And not just that, as according to The Armor 2019 Black Market Report, people are also selling stolen cash in exchange for the cryptocurrency.

It is said that savvy criminals are selling cash on the dark web to avoid the risks associated with having to deal with the funds themselves.

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Credit: Armor

The report explained that the alarming trend is giving buyers the chance to buy cash in various amounts.

From $2,500, $5,000 to $10,000 and beyond, all they have to do is prepay the criminal their 10-to-12 % fee in Bitcoin and provide them with a bank or Paypal account they would like the money transferred into. Buyers can also choose to have their funds wired to them via Western Union.

The transactions themselves cost about 10¢ to 12¢ per dollar.

"No longer do buyers have to purchase online bank account credentials, secure a money mule account to transfer the funds into, log into the stolen bank account, and conduct the money transfer themselves; they simply have to collect the money. It is a turn-key service for fraudsters who are not technically savvy."
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The report continued by saying that:

"This arrangement works well for the cybercriminal selling the stolen funds because, ultimately, he or she is not taking possession of the funds but merely transferring them, which puts the majority of risk on the scammer buying the money."

"With the glut of online bank credentials and credit cards (which can be used to wire money via Western Union) for sale on the underground markets, it came as no surprise to the TRU team that the cybercriminals would figure out additional ways to monetize these illicit goods."

This trend was first spotted by the company in 2018, but has since become one of the main key offering for criminals on the dark web.

In conclusion, according to the company, the digital shelves of the dark web are filled with everything from credit card details to online bank accounts. With businesses thriving there, the economy of cybercrime is "not in a downturn—far from it."

From malware, cybercrime services, and other tools for sale, threat actors have all the necessary things to perpetrate fraud as resources are plentiful, and profitable for both the sellers and the buyers.

"As the underground markets bustle, security professionals, business leaders, and members of the public must stay vigilant in protecting their systems and data," said Armor.