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Hackers Selling Fiat Money for Bitcoin at 10% of Its Value

September 14, 2019 at 3:25 AM | By Jit Sutradhar Feature

There is now an underground service that caters for criminals who lack the skills or the courage to hack online accounts to steal funds.

According to a September report by the security company as an Armor service, hackers in dark markets are now selling fiat money for fractions of its value to avoid the risk of dealing with money.

The Armor Threat Resistance Unit (TRU) investigation 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 seen in the last year and that it had become a “key offer” on the dark web.

Those who use the service will get what appears to be a real bargain, earning cash for bitcoin at approximately 10-12 cents per dollar. For example, a customer can pay the seller $ 800 in bitcoins and $ 10,000 will be transferred to his account of choice.

In addition to being cheap, the service greatly simplifies things 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 in to the stolen account To transfer the money. .

Armor calls it a “comprehensive money laundering service.”

There is a reason why dark web marketers are offering such low prices, of course.

The service attracts sellers because they are not taking possession of the funds. Simply transferring the cash puts most of the risk on the buyer.

More generally, the report says that Bitcoin is still the most popular cryptocurrency, as it is used “almost exclusively” in dark web transactions. Sometimes crypts with more privacy functions are used, such as monero, dash and zcash, but tend to require more technical expertise from victims, Armor said.

Hacking image via Shutterstock

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