Two Hacker Groups Reportedly Stole Around $1 Bln In Crypto's - Report.

Two Hacker Groups Reportedly Stole Around $1 Bln In Crypto's - Report.

2019-01-29 | Robin Williams

Two Hacker Groups Reportedly Stole Around $1 Bln In Crypto's - Report.

In line with a recent news report published by WSJ [Wall Street Journal], blockchain analytics firm named ‘Chainalysis’ has announced that 2 hacker clusters have reportedly stolen around $1 Bln in cryptocurrencies.

The two entities - that Chainalysis calls Alpha and Beta — have received the bulk of money lost in crypto scams. Moreover, the WSJ cites Philip Gradwell, chief economist at Chainalysis, stating that the two hacker group's are probably still active.

However, the aforesaid article additionally quotes Chainalysis admitting that there's still a chance its analysis is wrong, and the firm has not been able to still verify the  hacker groups’ identity.

The report supposedly states that Alpha is “a big, tightly controlled organization partially driven by non-monetary goals,” whereas Beta might be a smaller and less organized “heavily sanctioned organization heavily targeted mainly on the money.” The funds that hacker groups stole were reportedly transferred in an avg. of around 5,000 times before being converted into cash through on-line exchanges.

The two teams mainly operate differently: Alpha reportedly begins transferring the cryptocurrency from one address to another immediately, whereas Beta tends to wait for up to eighteen months, letting the publicity around the attacks dissolved. The report notes that Alpha converts around 75% of the funds in one month on an average, whereas Beta cashes out 50% in just days after their voluntary waiting time.

Those funds generally undergo regulated exchanges since, as Gradwell explained, after numerous transfers, even those exchanges with AML [Anti-Money Laundering] structures have issues noticing that they have received hacked proceedings.

As reported earlier, a link to a phishing LocalBitcoins clone web-site had been placed on the official LocalBitcoins forum, but the attack has since been halted.

Just earlier this month, $16 Mln priced Ethereum [ETH] and ERC20 tokens were taken in the recent mid January’s hack of 'Cryptopia Exchange'.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview

Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List