Dark web Cyber Criminals Trading Bitcoin for 12 US Dollar Cents
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Bitcoin in Exchange of Stolen Credit Cards on Dark Web
This marketplace is allowing hackers to reap fortunes from stolen credit cards and online banking credentials. For instance, a cyber criminal could have $10, 000 in stolen cash; and sell it for $800 in Bitcoin on the dark net anonymous markets. Meanwhile, by doing so the cyber-criminal transfers all the associated legal risks to the buyer. The listing is placing on sale bundles of fiat from a rough $2,500 to $10, 000 in exchange for Bitcoin; nevertheless the payment transfer is initiated through either Western Union or Bank Wire. The Head of Armor’s TRU team noted that;
“those scammers who don’t possess the technical skills and a robust money mule network to monetize online bank account or credit card credentials, this is an offer that can be very attractive. The threat actors are still selling financial account and credit card credentials outright, but this clever service gives them an additional channel for monetizing the large amounts of financial data available on the underground."
The report also found out that Bitcoin is the single most trustworthy and valuable cryptocoin in dark web markets. Relative ease of use plus anonymity while initiating transactions accounts for Bitcoin’s popularity in the dark Web markets. Comparing Bitcoin to complex privacy coins, the report noted that;
“In the case of ransomware, for example, asking for ransom in Monero or Dash would require a level of sophistication on the part of victims that simply does not commonly exist.”