Here’s Where $800 Of Bitcoin Buys You $10,000 Cash

Why would someone sell you cash for pennies on the dollar? You’ve already guessed this isn’t a straight-up financial transaction…

Researchers from cloud security-as-a-service provider Armor’s Threat Resistance Unit (TRU) have been taking a deep dive into a dozen dark markets and forums. Their analysis of the data compiled from trawling these English and Russian-speaking criminal marketplaces has been published in the annual Armor Black Market Report. As well as the usual tracking of the prices for stolen credit cards, bank account credentials and Distributed Denial of Service (DDoS) for-hire operators, there was one surprising new trend: a Bitcoin to cash conversion scheme that offers criminal buyers the opportunity to buy cash for pennies on the dollar. Paying $800 (£647) in Bitcoin gets you $10,000 (£8,095) in cash.

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