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All market data delayed 20 minutes. Cybercriminal proceeds make up an estimated 8 to 10 percent of total illegal profits laundered globally, according to research released by Bromium.
(Reuters) Cybercriminals are turning to cryptocurrencies like Bitcoin to convert illegal revenue into clean cash, new research shows. Cybercriminal proceeds make up an estimated 8 to 10 percent of total illegal profits laundered globally, according to research released by Bromium, a cybersecurity firm.
That slice of illegal profits amounts to an estimated $80 billion to $200 billion each year. The findings were announced Friday as are part of a larger nine-month study sponsored by Bromium.
It’s already relatively easy for criminals to “wash money and convert it into cash,” and the rise of unregulated, cryptocurrencies is accelerating this trend, said Gregory Webb, CEO of Bromium, in a statement. NEWEST ID SCAM CREATES FAKE PEOPLE, POSES TERRORIST THREAT “It’s no surprise to see cybercriminals using virtual currency for money laundering,” said the report’s author, Dr. Mike McGuire, senior lecturer in criminology at Surrey University. Read more from foxnews.com…
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