A recent comprehensive threat intelligence analysis has cast serious doubt on the value and reliability of the vast collections of combolists and URL-Login-Password (ULP) files being circulated across the dark web and Telegram channels.
Despite frequent headlines claiming the availability of “billions of fresh user credentials,” the study finds that the majority of data in these files is largely recycled, outdated, and often inaccurately labeled.
Industry-Scale Circulation
Combolists and ULP files text-based formats containing usernames, email addresses, passwords, and sometimes website URLs have become ubiquitous in underground cybercrime markets.
Originally designed for simplicity and ease of use in credential stuffing and phishing attacks, their circulation has accelerated due to modern infostealer malware and automated distribution techniques.
However, the new report underscores that most of the data advertised as new actually derives from previous leaks, old database breaches, or even outright artificial generation.
Sellers and aggregators routinely label files as “fresh,” “high quality,” or “private leak 2025” to attract buyers, yet in reality, the contents often repackage data from well-known breaches like Collection #1–5, COMB, Antipublic, and legacy forums.
Secondary and Unverified Sources
The confusion between true infostealer logs and generic credential dumps is widespread, both among cybercriminals and cybersecurity practitioners.
Infostealer logs are direct, rich forensic captures from infected devices, typically containing credentials, cookies, system info, and application sessions.
In contrast, combolists and ULP files are compiled, aggregated, or even auto-generated from myriad secondary sources.
The report notes that labeling these lists as infostealer logs is often a deliberate marketing strategy, not an indicator of data authenticity or freshness.
In reality, these files rarely provide new compromise information or context about the original sources and are frequently riddled with inaccuracies, fabrications, and inconsistent file structures.
The proliferation of outdated and poorly verified credential lists has wider implications for the cybersecurity ecosystem.
Over-reporting and sensationalist headlines about “massive private leaks” sourced from such files may lead to alert fatigue among organizations and end-users, reducing the overall responsiveness to genuine, new security incidents.
Furthermore, the loss of contextual metadata obscures the attribution and timeline of breaches, making it harder for defenders to track the true origins of a compromise.
The report highlights that most value from such files is in historical exposure tracking, not real-time threat detection.
High-profile sellers, such as those operating the so-called AlienTXT channel, exemplify the trend of aggregating and repackaging freely available or previously leaked data into new “collections,” often for profit.
Investigations reveal that such actors rarely possess original breach data and instead function as intermediaries, recycling material and presenting it as exclusive or newly compromised.
Attempts to verify the authenticity of “private” datasets from such sources are typically rebuffed, with operators refusing to provide samples or evidence.
This further reinforces skepticism about the integrity and uniqueness of what is being sold or publicized.
The key takeaway for organizations and defenders is clear: while monitoring the dark web for leaked credentials remains important, reliance on ULP and combolists as primary compromise indicators is fraught with pitfalls.
Effective threat intelligence requires tracing data back to its initial source and understanding the context of its compromise, not merely reacting to the endless noise of recycled leaks.
As the report concludes, a skeptical and forensic approach to dark web credential dumps is essential for meaningful risk assessment and incident response in today’s cyber threat landscape.
Find this Story Interesting! Follow us on Google News, LinkedIn, and X to Get More Instant updates
