Sure—here’s a breakdown of the data selling business model on dark web marketplaces like Feshop (also known as Fe Shop), which was one of the more prominent platforms before being taken down.

💳 What is Feshop?

Feshop was a darknet market that specialized in the sale of stolen credit card data, fullz (full identity profiles), and bank logins. It operated via Tor and used cryptocurrency (typically Bitcoin or Monero) for anonymous payments.

🧠 The Business Model: How Data Selling Worked

1. Sourcing the Data (Upstream Supply Chain)

• Hackers or carders acquire data through:

  • Phishing attacks

  • Malware (like keyloggers or remote access trojans)

  • Data breaches

  • Skimming devices (POS terminals or ATMs)

  • Botnets harvesting credentials

• Stolen data includes:

  • Credit/debit card numbers

  • CVV codes

  • Expiration dates

  • Billing info

  • “Fullz” (full profiles with SSN, DOB, addresses)

2. Packaging the Product

• Sellers sort and label data based on:

  • Card Type (Visa, Mastercard, Amex)

  • Bank (e.g., Bank of America, Chase)

  • Geography (USA, UK, EU cards are priced differently)

  • Freshness (recently stolen = higher value)

  • Validity Rate (estimated % of cards that still work)

3. Listing on Feshop

• Vendors create listings like e-commerce products:

  • "50 US Visa CCs – High Balance – 85% Valid Rate"

  • Price per card can vary: $10–$100+ depending on balance, type, and data included.

• "Fullz" or bank logins can go for $50–$500+.

4. Customer Base

• Buyers include:

  • Other fraudsters/carding gangs

  • Money launderers

  • Bot operators (for synthetic identity fraud)

  • “Script kiddies” using stolen cards for purchases or gift card resale

5. Monetization Tactics by Buyers

• Use stolen cards to:

  • Buy electronics, resell for cash

  • Purchase gift cards

  • Fund fake merchant accounts (cash-out scam)

  • Buy cryptocurrency

  • Book flights/hotels (then resell or use)

6. Vendor Reputation & Ratings

• Feshop had a review system, similar to eBay:

  • Valid cards = good reviews

  • Bad or already-cancelled cards = negative feedback

• Vendors built “trusted” profiles and could charge higher prices.

7. Payment & Escrow

• All transactions done via Bitcoin, sometimes Monero.

• Feshop often used escrow systems:

  • Buyer pays → Feshop holds the funds → Seller delivers → Buyer confirms → Funds released.

8. Platform Cut

• Feshop took a percentage cut (typically 5–15%) of each transaction as revenue.

🧱 Security & Anonymity Features

• Access via Tor

• Encrypted messaging

• Multi-factor authentication

• Mandatory PGP usage for sensitive messages

• Vendor-only forums & VIP sections

🔚 What Happened to Feshop?

• In early 2022, Feshop was seized in a coordinated law enforcement operation (similar to the takedown of Joker’s Stash).

• Many vendors moved to other platforms or Telegram, or launched private shops.

⚠️ Impact & Implications

• Fueling global credit card fraud.

• Billions in losses to financial institutions and retailers.

• Stolen data often used for synthetic identities, loan fraud, and other cybercrime.

Let me know if you want a deeper look into how these marketplaces are structured, how law enforcement tracks them, or how companies can detect if their customer data is being sold on the dark web.