Cybercriminals Selling Hacked Fiat Money for Bitcoin at 10% of Its Value
There’s now an underground service catering to fraudsters that lack the skills or nerve to hack into online accounts to steal funds.
According to a September report from security-as-a-service firm Armor, cybercriminals on dark markets are now selling fiat cash for fractions of its worth to avoid the risk of dealing with the money themselves.
Armor’s Threat Resistance Unit (TRU) research team said in the report:
” 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.”
The team said the new service had been spotted within the last year and it has bloomed into a “key offering” on the dark web.
Those using the service will get what appears to be a real bargain, gaining cash for bitcoin at roughly 10–12 cents on the dollar. For example, a customer can pay the seller $800 in bitcoin and $10,000 will be transferred to their account of choice.
Aside from being cheap, the service makes things much simpler for customers, since they no longer have to buy stolen online bank account credentials, set up a “money mule” account to receive the funds, and log into the stolen account to transfer the money.
Armor calls it a “seamless turn-key money laundering service.”
There is a reason dark web sellers are offering such low prices, of course.
The service appeals to sellers because they are not taking possession of the funds themselves. Just transferring the cash puts the bulk of the risk on the buyer.
More generally, the report says that bitcoin is still the most popular cryptocurrency, being used “almost exclusively” in dark web transactions. Cryptos with more privacy features, like monero, dash, and zcash are sometimes used, but tend to require more technical expertise on the part of victims, Armor said.
Hacking image via Shutterstock
If reproduced, please indicate the source: https://www.uucj.net/cybercriminals-selling-hacked-fiat-money-for-bitcoin-at-10-of-its-value/
A recent Medium post from blockchain monitor Whale Alert showed that Stellar CTO Jed McCaleb sold off more than 1 billion XRP between 2014 and 2019. The post attempted to analyze whether or not McCaleb’s sale of XRP will affect the price of the crypto. Whale Alert noted that compared with other total trade volumes per day, the amount McCaleb is selling seems insignificant. Following up on this, McCaleb told Cointelegraph in an interview that it’s strange that so many people are focused on his recent trading of XRP, noting that others have sold much more in comparison. He said: “I have been transparent from the beginning. The market has known for years that I have been selling my XRP at a slow, steady rate. My investment decisions are not based on any desire to negatively impact other companies in this industry. I think the history to date shows there is no impact on the market, and I don’t see any reason why that will change.” McCaleb, who served as the co-founder of Ripple until 2013 and is now the…Feb 19, 2020
World’s largest cryptocurrency exchange by trade volume Binance unveiled a win-win investment in crypto derivatives exchange platform FTX today with an aim to further growth and development of the cryptocurrency ecosystem. FTX has perpetual and quarterly futures for almost all leading cryptocurrencies along with the options to leverage tokens and best-in-class over the counter services. The next-generation crypto derivatives exchange FTX boasts of a platform that is built for its trader by its traders. Besides offering a robust and secure platform for seasoned cryptocurrency investors, it also provides user-friendly and straightforward trading options for those who just ventured into space. Today, FTX achieves around five hundred million US dollars ($500 million) in daily trade, making it the seventh most-significant Bitcoin futures exchange. Binance puts its money on crypto derivatives exchange FTX Thus, in its bid to acknowledge its contribution to the crypto community and the potential it has, one of the most influential names in the crypto industry, Binance has decided to own a minority stake in this promising firm. Besides the equity investment, the exchange giant also has a…Dec 21, 2019
The realm of Cryptocurrency in Ukraine will transform as the country partners with currency.com, a major cryptocurrency exchange based in Belarus. A memorandum of Cooperation has been signed between the Ministry of Digital Transformation of Ukraine and currency.com that will focus on crypto legislations. The agreement is seen as a partnership that will help Ukraine learn more about the Belarusian cryptocurrency regulations. Belarus is known for its love of cryptocurrency and digital assets. Ukraine, on the other hand, has set an ambitious goal of achieving digital transformation, especially in the financial sector. It established the Ministry of Digital Transformation barely two months ago in August to oversee this transformation. This ministry has shown significant interest in the crypto realm. Recently, it joined hands with Binance to draft new crypto rules and regulations. Now, it wants to learn about cryptocurrency from Belarus too. So, when it partners with currency.com, it sure means cryptocurrency in Ukraine will be a crypto-friendly regime. The government wants to promote cryptocurrency in Ukraine The announcement came from the online portal of the Ukrainian Government. The partnership…Dec 6, 2019
Binance Futures, the futures trading platform of Malta-based cryptocurrency exchange Binance recently added a perpetual contract for Ripple’s XRP digital currency to its list of offerings. The exchange made the announcement on January 6, 2020. XRP/USDT Perpetual Contracts Changpeng Zhao-led cryptocurrency exchange Binance’s futures trading platform – Binance Futures – has added XRP/USDT perpetual contracts to its list of offered futures contracts with an option for users to trade with leverage as high as 75 times. It’s worth highlighting that this is the first time that a renowned cryptocurrency exchange has made a move to offer XRP futures contracts to digital currency traders. Until now, only lesser-known cryptocurrency trading venues like Delta and BaseFEX offered perpetual XRP contracts. With the addition of XRP contracts, Binance Futures now offers crypto futures contracts for four major digital currencies – Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH). XRP Army Involved in Insider Trading? Ripple Inc.’s XRP digital token is currently the third-largest cryptocurrency by total market cap. However, despite being one of the most well-known and prominent digital currencies in existence,…Jan 8, 2020
Recently, Deutsche Bank published a research paper titled “Digital Currencies: the Ultimate Hard Power Tool” which posits that blockchain technology’s adoption rate mirrors that of the Internet in its early years. This, according to a report by Decrypt, January 27, 2020. Crypto On Its Way to Mainstream Adoption? A plethora of cryptocurrency advocates, over the years, have compared the pace of adoption of digital currencies to that of early years Internet when the latter was still trying hard to find its footing among the masses. Although this comparison has often been a point of contention between the crypto camp and individuals with inclination toward traditional finance, it seems that the 2020s could prove to be a watershed decade for cryptocurrency adoption as according to a new Deutsche Bank report, the current rate of adoption of cryptocurrencies is very similar to that of the Internet during its early years. That said, it’s important to highlight that although distributed ledger technology’s (DLT) adoption rate is very similar to that of the Internet, its actual user numbers are an order of magnitude smaller….Jan 28, 2020
The best crypto events in 2019 are many but we have selected a list of few that are much awaited by the crypto sphere. The year 2019 is a progressive one for the blockchain technologies and concurrently cryptocurrencies as well, we’ve listed five upcoming blockchain and crypto events that are going to happen over the radar. These summits are set to bring together various entities from leading enterprises, crypto and blockchain enthusiasts. The discussions and conferences are crucial for startups and businesses that aim to develop using digital or crypto assets. The first one is Blockshow Asia by Cointelegraph, set to take place in Singapore on November 14 and November 15, 2019. This event aims to help incubate new ideas by bringing them to the table and getting them the required attention needed to evolve. The event claims that a total of one billion dollars ($1bil) was raised by business ideas and startups at the preceding event. Thomas Lee, the Managing Partner at Fundstrat Global Advisors, Justin Sun, the Chief Executive Officer of Tron, Max Kordek, the President of Lisk…Sep 25, 2019
All last week, the altcoin market was on fire, with many crypto assets – including Ethereum and XRP – breaking out from downtrend resistance and going on massive rallies – some of which set over a few hundred percent gains. However, an indicator designed to spot reversals before they happen is suggesting that the two top altcoins Ethereum and XRP are due for a deep retracement. TD9 Sequential Indicator Signals Sell on Ethereum and XRP When the total altcoin market cap broke out from its downtrend resistance, fireworks followed across each individual altcoin price chart. Even Bitcoin rallied by as much as over 30%, dragged higher by the bullish sentiment across altcoins – a stark contrast from the blood bath altcoins experienced in 2019 at the hands of the first-ever cryptocurrency. Related Reading | Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback? From bottom to top, the number two cryptocurrency by market cap, Ethereum rose 50% in 30 days, from a price of $116 to $179. XRP, the third-largest cryptocurrency, didn’t fare quite…Jan 20, 2020
Coinbase partners with DustAid to facilitate Crypto Donations to the NSPCC and others this Christmas
By Zeeshan Feroz, CEO, Coinbase UK Creating an open financial system takes its shape in many different ways, and in turn benefits people differently, too. That’s why this December we’re partnering with DustAid to enable our customers to donate crypto to three brilliant charities this Christmas. DustAid is an organisation that facilitates crypto donations to projects across the world. This partnership will allow Coinbase users in the UK to donate crypto to these important causes: NSPCC, the UK’s leading children’s charity that seeks to keep young people safe from abuse; The Little Edi Foundation, which provides support and grants to struggling rural communities in Romania; Space for Giants, who work to protect and secure the future of elephants and their landscapes. DustAid will be using Coinbase Commerce — our platform that allows merchants to accept cryptocurrency payments in a fully decentralised way — to facilitate these donations. Louise Corden, NSPCC Lead Digital Producer, said: “Raising funds via cryptocurrency highlights how the NSPCC is continually exploring new ways to enable people to donate to the charity and contribute to our fight…Dec 17, 2019
Now that the dust seems to be settling in Iran, bitcoin has retreated back below $8,000 again. Price movements were definitely correlated with breaking news but how has BTC interest in the area been affected? Are Iranians Interested In Bitcoin? There is no doubting that bitcoin has cemented itself as a store of value asset this year. Its highly correlated price movements with those of gold reaffirm its safe haven status. As geopolitical tensions have eased a little, the prices of BTC have also retracted. It has now fallen back to the $7,800 zone where it appears to be consolidating at the moment. Gold prices have also retreated and are hovering at $1,550, down 3% from the six year peak a couple of days ago. Interest in BTC usually spikes in countries where economic or geopolitical tensions have spiked but this does not appear to be the case in Iran. LongHash has been delving into the data and has discovered that bitcoin prices are not soaring in Iran and demand remains unchanged. The exchange rate between the Iranian Rial and…Jan 10, 2020
There have been numerous allegations regarding bitcoin and altcoins in the criminal underworld. Russia’s Supreme Court now officially deems digital currencies to be facilitators of bribery. The relationship between Russia and cryptocurrency has always been strenuous, to say the least. Russian Supreme Court and Bitcoin That situation is rather unlikely to improve in the near future. According to Russia’s Supreme Court, the use of cryptocurrencies poses many dangers. One such threat comes in the form of bribing authorities in the country. While this is not a trait unique to bitcoin and altcoins, the concept cannot be refuted either. Russia does not have any regulation in place for crypto assets at this time. Even so, this “allegation” by the Supreme Court of Russia may help to change that narrative significantly. In its warning, the authority confirms bitcoin is a mode of payment, regardless of its exact purpose. How this will affect the future regulation of crypto assets, is a different matter. Under Russian law, a bribe is subject to different legal meanings. It can either be classified as money, or as…Dec 27, 2019