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40 People Arrested in Turkey for Money Laundering via Twitch

40 people have been arrested for fraud and money laundering in Turkey via Twitch platform this Tuesday.

The crime consisted of the theft of credit cards by hackers, which were later used to buy bits on Twitch, which are the virtual currency of this network.

Those bits were used as donations to Turkish streamers, who then passed on the real money to the scammers through a refund of between 70% to 80% of the original donations.

From the Kotaku website, they explain that if the hackers bought 1,000 bits for 10 dollars through the stolen credit card, they made a deal with the streamers in which they returned 8 dollars of the donation to scammers and streamers they kept the rest.

“So, if the scammers bought 1,000 Bits for $10, this could be a way for them to make $7 or $8 from a stolen credit card, and streamers to pick up the difference. Compound more stolen credit cards and much higher dollar amounts, and you end up with a scam that could total an estimated $9.8 million.”

Reported by Kotaku

Some Turkish streamers claimed to have participated in the donation system, however, it is not known to what extent they knew about the scam and credit card thefts.

What is known so far is that 40 people are in police custody and some suspects are minors according to preliminary reports.

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