Money launderers have found a new and profitable dark web marketplace for illegal conversion of Bitcoin into cash. In the research of illegal dark web marketplaces and forums, the security researchers have caught this new trend of scammers. Here, the scammers are easily selling the stolen hard cash in return for a 10-12 % fee in Bitcoin.
In this money laundering scheme, fraudster exchanges cold, hard cash from $2,500 up to $10,000 for Bitcoin payments. After getting hold of the cryptocurrency, the cybercriminals transfer the complete money to the buyer’s bank, Paypal or Western Union account. Besides, this arrangement has a plus point of eliminating the need for any intermediaries like money mules. Moreover, with this scheme, the seller transfers the possession of stolen money to the buyer. The seller easily escapes the burden of the risk and also gets the benefits of Bitcoin, the source states.
Recently in August, the government of fifteen nations came together to fight against money laundering in cryptocurrencies with the help of FATF. With this move, these nations intend to trace the movement of funds for illicit purposes.
In the same month, the blockchain analytics provider Elliptic developed a new data set to detect illicit cryptocurrency transactions. It aims to recognize transactions based on money laundering, sanctions violations or terrorist financing. Subsequently, it will lessen the compliance cost and eradicate such illicit activities.