Cybercrime funds make up 8-10% of all illegal profits laundered and amount to $80-200 billion each year.
Cybercriminals launder an estimated $80-200 billion in illegal profit each year, which amounts to 8-10% of all illegal proceeds laundered around the world. Virtual currencies are the most common tool used for money laundering - but Bitcoin isn't quite as trendy among hackers.
The data comes from Into the Web of Profit, an independent academic study sponsored by Bromium and conducted by Dr. Mike McGuire, senior lecturer in Criminology at Surrey University in England. It's a nine-month study into the macroeconomics of cybercrime and how cybercriminals "cash out" the funds they generate through illegal activity
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Virtual Currency is in. Bitcoin is out.
There are several reasons why cybercriminals are turning to cryptocurrency. They're easily acquired, for one, and they have a reputation for enabling anonymous transactions.
Cybercriminals often cash out their virtual currencies by directly converting them into assets. Several sites, including Bitcoin Real Estate, let customers buy high-value properties (think tropical islands and penthouses in Paris) while evading financial regulators.
About 25% of all property sales will be conducted in cryptocurrency within the next few years, the report states. It's concerning to financial analysts who fear swift and sneaky transactions, often paid for with criminal proceeds, will disrupt the global property market.
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