Armor Threat Resistance Unit Uncover A New Bitcoin Money Laundering Scheme


Security researchers have identified a new trend of lucrative and illicit conversions from Bitcoin (BTC) to cash in their analysis of dozens of dark web marketplaces and forums.  Financial scammers are laundering cash for 10 to 12 cents on the dollar to buyers willing to provide a prepaid fee in Bitcoin, according to the new Black Market Report from Armors Threat Resistance Unit. The money-laundering scheme sees cybercriminals offer up bundles of cash from $2,500 to $10,000 in exchange for a 10% to 12% fee payable in Bitcoin.


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After the buyer has transferred the cryptocurrency, they provide details of the bank, PayPal or Western Union account where the money should be sent. As an extremely simple service, this arrangement promises buyers high and decent returns on their shady purchase. Which also removes the risk of logging into the compromised account? As the report outlines, money mules are agents who transfer ill-gotten funds between accounts in exchange for a fee of 10% to 20% of the value. Such actors typically open costly business bank accounts in order to avoid triggering fraud alerts or drawing unwanted attention when transacting large volumes. As in the case of money laundering the buyer carries and bears the risk as the money is his own money and the seller is hedged from the risk as he is just involved in transferring the funds from one account to the other.


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As stated by the head of Armors Threat Resistance Unit, Chris Hankley scammers and fraudster who do not have the sufficient technical skills and a money source to monetize online bank account or credit card credentials, these types of offer can be very attractive. These types of services give them a large amount of financial data available on the underground. As reported, United States Treasury Secretary Steven Mnuchin said that cash is not laundered to the same extent as Bitcoin.

Source: Coin Telegraph

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