$800 Bitcoin Buys $10,000 Cash on Dark Web, Turn-Key Money Laundering

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September 23 2019

Security researchers have identified a new trend of lucrative and illicit conversions from Bitcoin (BTC) to cash in their analysis of dozens of dark web marketplaces and forums.

Financial scammers are selling cold, hard cash for only 10 to 12 cents on the dollar to buyers willing to provide a prepaid fee in Bitcoin, according to the new Q3 2019 Black Market Report from Armor’s Threat Resistance Unit.

The money laundering scheme sees cybercriminals offer up bundles of cash — typically from $2,500 to $10,000 — in exchange for a 10% to 12% fee payable in Bitcoin.