Stolen Facebook Accounts Being Sold on Dark Web for Bitcoin, Bitcoin Cash

The dark web is a treasure trove of stolen information. Popular data being sold includes credit cards, social media accounts, and so forth. A fresh batch of stolen Facebook credentials hit the dark web days after the social network made the breach public. As is usually the case, Bitcoin (and Bitcoin Cash) payments are accepted and even preferred.

The Facebook Data Breach

Last week, Facebook admitted that user accounts were compromised. A total of 50 million accounts have been obtained through the hack and it now appears that this stolen information is showing up for sale on the dark web. Such listings always need to be taken with a grain of salt, as their authenticity cannot be verified without making a purchase. Sources at The Independent, however, seem convinced this is the real deal

Criminals will not get rich by selling this information. Accounts are selling for between $3 and $12 or less at this time. That shows how little value such personal information holds. Especially when it is sold in large batches, which is a rather common practice on the dark web.

As has become common, buying this information requires a cryptocurrency transaction. Vendors are keen to accept Bitcoin, although Bitcoin Cash is also becoming more commonplace. This is a remarkable choice, considering both currencies lack true privacy and anonymity. One would expect Monero to be the preferred payment, but that is not the case.

Who Buys the Information?

Having access to 50 million Facebook accounts can be quite profitable. Even at the lowest price of $3, the batch nets criminals a $150m payday. Finding a buyer or multiple interested parties is not an easy feat, however. The hacked accounts have been identified by the social media giant. Any suspicious activity can lead to the accounts being shut down in rather quick succession.

Despite the potential account closure risks, someone will try to use this data for personal gain. This also means that more data breaches can be expected in the future. Social media networks contain a lot more personal information than users are even aware of. Credentials give access to other details, photos, and so forth. It is impossible to tell how this information will be used exactly.

Money Guru, a UK firm, recently explained the risks of having a social media account compromised. They are confident it is one of the best ways to gain more insight into someone’s personal life. It is very possible the stolen information is sold to specialized companies or even governments. Data is the most valuable commodity in the world. Social media platforms have made the harvesting of such details even easier.

Were you a victim of the Facebook breach? What could have been done to prevent the hack? Let us know in the comments below.

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