An inquiry into the nature and causes . . .

This paper studies an active underground economy which specializes in the commoditization of activities such as credit card fraud, identity theft, spamming, phishing, online credential theft, and the sale of compromised hosts. Using a seven month trace of logs collected from an active underground market operating on public Internet chat networks, we measure how the shift from “hacking for fun ” to “hacking for profit ” has given birth to a societal substrate mature enough to steal wealth into the millions of dollars in less than one year