Alert: Money Laundering on Twitch by Cybercriminals

January 15, 2022

Among the novelties, last Tuesday, January 4, the Turkish police arrested 40 people involved in fraud and money laundering through Twitch, an investigative work since November 2021.
According to reports from the Turkish authorities, the crimes discovered have consisted of stealing credit card numbers and using them to buy 'BITS'. And what are 'bits'? It is the virtual currency of Twitch.

The steps of the fraud:

  1. The stolen numbers, of course, belong to the users of the streaming platform.
  2. BITS were donated to Turkish streamers, who converted them into real money for cybercriminals.

Alarming fact:

“In total, about 70-80% of the original donations were reimbursed. As an example, say that if a cybercriminal bought 1,000 BITS worth $10, he could get back $8 in real money. We are talking about other people's money, with which there is a profit. Additionally, comment that the remaining amount was going to end up in the pockets of the streamer. There have been cases of donations of more than 1,800 dollars.” – Cybersecurity News (2022).

Did streamers get involved in this problem?

Some said not being aware that the donations were part of a cyber scam on a large scale.

Turkish authorities have arrested 40 people; among them, people under 21.

The investigation of this plot (since November 2021) continues its course to clarify the responsible.

For its part, Twitch announced to take the appropriate measures to avoid more of these cases.

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Source:

  • Sanchez, C. (2022). Los ciberdelincuentes usan a Twitch para el blanqueo de dinero. Retrieved from: https://cybersecuritynews.es/los-cybercriminals-use-a-twitch-for-money-laundering/

Authored by
Jorge Daniel Tejeda