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The blockchain badysis firm, Chainalysis, revealed that only two groups had benefited from the majority of cryptocurrency piracy that has taken place so far.
According to the Wall Street Journal, both hacking groups could have gotten up to $ 1 billion worth of cryptocurrency. Since the creation of Bitcoin, it is estimated that more than $ 1.7 billion in cryptocurrency has been stolen.
According to Philip Gradwell, Chief Economist of Chainalysis, the two hacking groups are probably still active. While revealing that the tracking of funds stolen in publicly reported hackers had taken three months, Chainalysis pointed out that their badysis might be incorrect. The blockchain badysis platform could also fail to identify both hacking groups.
Groups organized behind cryptocurrency do not hack lone wolves
The Chainalysis report broke the perception that most crypto-currency piracy is committed by lone wolves. According to Chainalysis, one of the hacking groups he named Alpha is tightly controlled.
To a certain extent, this group has non-financial motivations for its actions. The other group called Beta is smaller but more motivated by financial considerations.
By chainalysis, the two groups hide their tracks using an extensive network of portfolios. On average, the stolen crypto-currencies were moved about 5,000 times before being exchanged for fiduciary currency.
After mixing and shuffling, the cryptocurrencies were then converted into fiduciary currencies through online trading and peer-to-peer transactions.
Mix and mix beats even the most stringent AML processes
To cash even regulated stock exchanges using strict money-laundering processes are sometimes used. Hackers do this knowing that after all the brewing, regulated exchanges will have a hard time detecting stolen funds.
Both groups have different ways of dealing with stolen crypto-currencies. While Alpha begins to immediately mix stolen funds, Beta is more patient and can sometimes wait up to a year and a half.
Last year, more than $ 0.7 billion of cryptocurrency was lost during hacking. That was almost three times more than the year before, about $ 266 million had been lost as a result of security breaches.
731 million dollars stolen from crypto stock exchanges in 2018: can we prevent hackings? https://t.co/7zNdivwz5m
– CCN.com (@CryptoCoinsNews) July 4, 2018
2018, a year to forget for parts verification
Coincheck, which lost about 530 million dollars, is part of the trade victims of cryptocurrency in 2018. The other significant robbery took place at Coinrail cryptocurrency exchange in South Korea, where 40 million dollars were stolen.
This year, one of the cryptocurrency exchanges to crack is New Zealand cryptopia, which has lost about $ 16 million.
New Zealand Exchange Cryptopia lost 16 million US dollars, 2.5 million US dollars not initially reported: Search https://t.co/PlfvRtqPfy
– CCN.com (@CryptoCoinsNews) January 24, 2019
As mentioned before, this operation did not involve the exploitation of a vulnerability on the exchange, but rather the digital portfolios of the users. In total, 76,000 digital portfolios were infiltrated. And unlike other attacks, hackers stole the funds over a period of five days.
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