In some cases, hackers may monetize your stolen data by using it themselves to make purchases or commit fraud. This is relatively rare as committing fraud is much more likely to attract the attention of authorities than anonymously selling large batches of data online.
However, can Bitcoin be traceable?
All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. ... Anyone can see the balance and all transactions of any address. Since users usually have to reveal their identity in order to receive services or goods, Bitcoin addresses cannot remain fully anonymous.
Wherefore, why do criminals use Bitcoin? Criminals use cryptocurrencies such as Bitcoin for various purposes: laundering dirty money, scamming victims out of funds, defrauding investors, monetizing ransomware, or buying illicit goods.
Ergo, can Bitcoin be converted to cash?
There are several ways to convert bitcoin to cash and ultimately move it to a bank account: Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account. ... Deposit (or buy) BTC into your account.
How do hackers get paid?
Theoretically, it's the simplest way to monetise a hack. Through sophisticated phishing tactics or simply by dropping malware once access has been gained to a network, hackers can begin encrypting crucial files and charge a hefty sum (usually in Bitcoin) to unencrypt them.