Falling cryptocurrency prices are putting pressure on crypto exchanges on the dark web and causing a “bank run,” security researchers have found. This is making it harder for threat actors to “monetize” their attacks, buy vulnerabilities or fund malware-as-a-service operations.
Dov Lerner, security research lead at Cybersixgill, suggested that cryptocurrencies have lost up to $1.8tn in value since the market’s peak in November last year. This is causing a further run on the market, where holders exchange crypto for more stable currencies.
According to Lerner, this has put pressure on regular cryptocurrency exchanges, forcing some to slow withdrawals to maintain liquidity. Additionally, it is having an impact on exchanges on the dark web.
Dark web exchanges operate outside the regulated financial markets and do not carry out identity checks on their users, such as Know Your Customer. They are, Lerner says, purely changes and not crypto banks that can store currencies. But they allow...
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