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.
Image Source: news.bitcoin.com
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.
Image Source: static.coindesk.com
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
Disclaimer: Darkweblink.com does not promote or endorse claims that have been made by any parties in this article. The information provided here is for the general purpose only and unintended to promote or support purchasing and/or selling of any products and services or serve as a recommendation in the involvement of doing so. Neither Darkweblink.com nor any member is responsible directly or indirectly for any loss or damage caused or alleged to be caused by or in relation with the reliance on or usage of any content, goods or services mentioned in this article.