Satoshis on the Dollar: Hackers Selling Stolen Fiat at 10% of its Value, in Bitcoin
A dark web service now exists for those who lack either the skill or nerve to hack into fiat accounts.
According to research done by security firm Armor, hackers are now selling fiat hack profits for fractions of their value in Bitcoin. The apparent reasoning behind this move is hackers unwilling to deal with the fiat system themselves.
Armor’s Threat Resistance Unit (TRU) had the following to say on the new scheme:
“There are plenty of hackers willing to simply transfer stolen funds to the bank account or PayPal account of your choice or send you the funds via Western Union.”
Despite the risk, the customers in this monetary exchange are also making bank; for every dollar of fiat, the customer has to pay between 10-12 cents.
The low price is not without its justifications, however. The service is not only an immense bargain for those with the know-how to use the fiat undetected, but also the hackers looking to forward the risk from themselves onto the customer. The hackers no longer have to use their stolen bank credentials, or set up throwaway accounts to deposit the funds into.
These transactions are done almost solely through Bitcoin. Although other more privacy-focused cryptos are used such as Monero or Zcash, they’re less common because of Bitcoin’s market dominance, which leads to better support and understanding.
Of course, transaction schemes like these are exactly what hinder crypto’s progress through the mainstream. As long as tokens continue to be used for illicit means through the dark web like this, the public will continue to find crypto adoption difficult. After all, why would one want to share a common platform with terrorists?
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.