The Rising Cost of Hacked Cryptocurrency Accounts: A Deep Dive into the Dark Web’s Lucrative Market

A recent study by Privacy Affairs, a leading online data security provider, reveals that hacked cryptocurrency accounts continue to command the highest prices among stolen online accounts. Cybercriminals lurking in the internet’s darkest corners are reportedly offering compromised, verified crypto accounts on the darknet for as little as $30 each.

A Snapshot of the Dark Web’s Crypto Account Prices

The research paper, published on April 24 and titled “The Dark Web Price Index,” details the thriving underground market for illicitly obtained financial account information on the dark web. A significant increase in the value of these stolen accounts was noted compared to the previous year.

Hacked exchange accounts go from $250 (Coinbase) to $1,170 (Kraken). It is interesting to see this price disparity. Coinbase is a more popular platform than Kraken, indicating criminals have “bulk” to spare. 

These prices show a substantial jump compared to data from the 2022 edition of the Dark Web Price Index. Last year, verified Kraken and Binance accounts sold for $260 and $250, respectively.

Criminals exploit these hacked accounts to bypass Know Your Customer (KYC) measures on prominent cryptocurrency exchanges, ultimately conducting illicit transactions.

Beyond Crypto: The Dark Web Is A Diverse Marketplace

Cryptocurrency accounts are not the only items available on the dark web. For example, credit card information with up to $5,000 can be bought for a mere $110, while login credentials for online bank accounts with balances up to $2,000 fetch $60.

Social media account login details, including compromised Facebook, Airbnb, and Gmail accounts, are also available, with prices starting at $25 each.

In light of these alarming findings, Privacy Affairs security researcher Miklos Zoltan urges internet users to exercise extreme caution when safeguarding their personal information.

“If someone gets their hands on your financial details or social media credentials, the prices mentioned above are basically what it’s worth to them. There’s a good chance that you value these things much more than they do, as to them, you’re just another mark for a quick buck.”

The Growing Threat of Crypto Exchange Hacks

The increasing number of account hacks on popular cryptocurrency exchanges has become a significant concern in the industry. In a recent case, a customer of the U.S.-based cryptocurrency exchange Coinbase filed a lawsuit against the company after his account was targeted in a “SIM swap” attack.

The customer claimed to have lost “90% of his life savings” when scammers gained control of his phone number. Culprits deceived the telecommunications provider into linking it to their SIM card.

The booming dark web market for hacked cryptocurrency accounts underscores the need for increased vigilance and robust security measures to protect personal information and financial assets.

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