The market for hacked cryptocurrency accounts is apparently flourishing. A new study by Privacy Affairs reveals the prices users are prepared to pay to illegally obtain a login on Kraken, Binance, Crypto.com and other platforms. How and why are these accounts being snapped up on the Dark Web?
Hacked crypto accounts are traded on the Dark Web
Hacked crypto accounts have two major interests for users who wish to obtain them illicitly. On the one hand, it can allow some users to make major transactions and exchange cryptocurrencies for fiat currency without attracting the attention of the authorities. This is why accounts with pre-existing transactions are sought after, as they are more discreet if you want to launder funds.
But beyond this use, crypto accounts are also sought in territories that are excluded from these services. Residents of countries that have banned cryptocurrency transactions, or are subject to international sanctions, then sometimes turn to these accounts.
The most recent example is Russia. Earlier this year, we reported that Russians were turning to illicit accounts in order to continue using cryptocurrencies. As a reminder, residents of Russia have seen their access to the major cryptocurrency exchange platforms cut off, with also an inability to access dollars which until now could be used to stabilise their savings.
Which hacked crypto accounts are worth the most money?
The Privacy Affairs report notes that crypto accounts offered for sale on the Dark Web are now more varied. The most expensive accounts are logically those linked to banks or ancillary services. This is the case for accounts with the neobank N26, which are selling for $2,650 each.
If we look at the “classic” cryptocurrency exchange platforms, however, the rankings reveal other names. Kraken tops the list of the most sought-after accounts, followed by Binance and Bitit.io :
List of the most expensive crypto accounts on the Dark Web
As you can see, a verified Kraken account trades for $1,170, significantly more than a Binance account listed at $410. Coinbase accounts, meanwhile, trade for ‘only’ $250. At the very bottom of the list, verified LocalBitcoin accounts in the US are trading for $70.
Crypto accounts are increasingly in demand?
Privacy Affairs report notes that hacked crypto accounts have seen a rise in price on illegal markets, showing growing interest from buyers. But is this temporary?
“This is probably due to the fact that cryptocurrency prices have generally stagnated in the second quarter of 2022 and first quarter of 2023. […] The consequence was that fewer accounts and wallets were available for hackers to hack into. “
The report also indicates that an eventual rise in prices would cause the prices of hacked crypto accounts to fall again. What we can learn, therefore, is that the markets for hacked accounts show, in hollow, the platforms that are deemed reliable by hackers. Kraken accounts, for example, gained +920 dollars over the year, which also shows that the exchange platform sector underwent many changes in 2022.
