Bitcoin is losing popularity among internet scammers

This Thursday, at a congressional hearing on the financing of terrorism, it was announced that Bitcoin is losing popularity among Internet criminals.

Due to the high volatility of Bitcoin, hackers are increasingly using Ethereum or other altcoins. Most likely, they were also scared off by the fact that the authorities of many countries began to close crypto exchanges and collect information about their clients. 

This information was received from RAND Corporation information security specialist Liliana Ablon and James Lewis, vice president of the Center for Strategic and International Studies, in written and oral form during the hearing.

Lewis added that Internet criminals are increasingly moving away from Bitcoin due to the lack of anonymity of this cryptocurrency. He explained that when converting it into fiat, their identities could be revealed. Both experts noted that cybercrime is becoming a popular scheme to make quick money. Some scammers even post photos of their new expensive cars on social networks.

According to them, buying a hacked Twitter account will cost much more than buying a stolen credit card number on the black market. The fact is that this provides access to the victim’s contacts, which attackers use for spam or phishing attacks. 

“Currently, a freshly stolen card will cost about $15. Once the bank learns of the violation, the price of such a card could drop to $10 or lower. Eventually, stolen credit cards can be purchased in bulk, paying $700 for 100 pieces,” says Ablon.