The report was gathered by Armor’s Threat Resistance Unit (TRU) research team, which examined 12 English and Russian language digital black markets between February and June of this year to obtain a thorough understanding of the services enumerated on deep web marketplaces.
$10,000 in stolen cash sells for $800 in Bitcoin on deep web marketplaces. The trades permit hackers and cybercriminals to reap enormous profits on the compromised credit card or online banking credentials, while also moving the relevant legal risk over to the purchaser.
The enumerations offer to trade bundles of fiat from approximately $2,500 to $10,000 in return for Bitcoin, with the funds transferred by way of either bank wire or Western Union.
For the cybercriminals who lack the technical skills and a reliable money mule network to monetize online bank account or credit card credentials, this option may be extremely appealing.
Malicious cyber actors continue to sell financial account and credit card credentials outright, though this ingenious service provides them with a supplementary channel for monetizing the vast quantities of financial information available on digital black markets.
The Armor report mentions that Bitcoin continues to be the most trustworthy and most valuable cryptocurrency utilized in darknet markets.
The report ascribes Bitcoin’s persistent acceptance to its relatively straightforward usage for the victims of cybercrime in comparison to more complicated privacy coins.
In regards to ransomware, ransom demands in Monero or Dash would need a level of complexity from the victims that just does not generally exist.