Dark Market Hackers Are Selling $800 In Bitcoin For $10k Cash To Help Launder Money: Armor Research

Security experts and researchers have recently identified an ongoing trend of illicit and lucrative transactions involving BTC to cash transactions. The security experts provided a glimpse into what is taking place in the dark web after analyzing dozens of transactions posted and executed in various forums and marketplaces.

The financial scammers are alleged to be selling bitcoin for between ten and twelve cents on the dollar for any willing buyer who is ready to provide a prepaid Bitcoin fee. This is according to Armor’s Threat Resistance Unit report for the third quarter of 2019 which focused on black market crypto transactions.

Evading Risks

The scheme being conducted by the cybercriminals has seen some of the money launderers providing buyers with bundles of cash. Normally, the amount ranges from $2,500 to $10,000. This is in exchange for a ten to twelve percent fee payable via Bitcoin.

When the buyer sends the cryptocurrency, they are requested to send the details of the Western Union, PayPal, or bank account where the money will be sent.

In essence, this type of transaction is simple in that it provides the crypto buyer with a sky-high return on the illicit purchases that they have made. This, in addition, helps do away with the need to use a money mule or the risk that may come with accessing an account that is already compromised.

According to the report, money mules are the people who transfer funds from compromised accounts in exchange for a transaction fee that ranges between ten to twelve percent of their actual value.

The actors in such transactions tend to open expensive business accounts in a bid to ensure that they will not trigger any fraud alerts that may arise after transacting in large money volumes. The accounts are also useful in guaranteeing that the actors will not draw any unwanted attention.

Outstandingly, this particular scheme is meant to benefit the people who are selling the stolen funds. This is because they do not get to take possession of the funds in question, but instead, only deal in their transfer. What this means is that the person who buys the funds will carry all the risks.

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