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updated 3/14/2011 2:14:10 PM ET 2011-03-14T18:14:10

About 50,000 hacked iTunes accounts linked to stolen credit cards are being sold on a Chinese auction site.

Taobao.com – China’s version of eBay – is currently listing about 50,000 iTunes accounts for sale, China’s Global Times discovered yesterday (Jan. 5). A bidder can purchase $200 worth of music, movies and apps from Apple’s online store for just 1 yuan to 200 yuan (15 cents to $30).

The illegal iTunes transactions come with a stipulation: The bidder must spend the iTunes credits within 24 hours of the purchase.

The Global Times uncovered the fraud by wiring $5 to a seller on taobao.com. The seller then provided the reporter with an iTunes username and password. Once logged into iTunes, the stolen credit card number appeared in the payment section of the page, along with a billing address in the U.S.

So far only one person has admitted to selling the hijacked accounts. The seller told the Global Times reporter, "Of course these accounts are hacked, otherwise how could they be so cheap."

 

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