Cloud security provider, Armour releases a second annual research report which shows that unscrupulous persons are selling cash for Bitcoin on the Dark web at a ridiculously high rate.
Cash for pennies on the dollar
The researchers took time to make a thorough inspection of 12 different hacker Market place which spanned over a period of 20 weeks, and fully confirmed the exchange of Bitcoin for cash at pennies on the dollar. According to the report markets on the dark web are blooming despite the increasingly stringent restrictions they have been faced with.
This discovery about the use of Bitcoin to aid in the laundering of funds by criminals was of more concern to the crypto community. The report stated:
"One of the cleverest services spotted was where a criminal can pay a seller $800 in Bitcoin and have $10,000 transferred to a bank account of their choice or wired to them via Western Union, a seamless turn-key money laundering service."
Although 12 cents on the dollar might come off as a really exploitative rate of exchange for illicitly acquired funds, the Armor report claims that would be an attractive offer for criminals with less experience
Chris Hinkley, head of Armor’s TRU team, explained:
"For those scammers who don’t possess the technical skills and a robust money mule network to monetize online bank account or credit card credentials, this is an offer that can be very attractive...this clever service gives them an additional channel for monetizing the large amounts of financial data available on the underground." He said.
Posted from my blog with SteemPress : https://cryptotvplus.com/amour-reports-show-that-dark-web-criminals-are-selling-cash-for-bitcoin-at-ridiculous-rates/