Two Hacker Groups Stolen $1 Billion by Compromising the Crypto Exchanges

New report States that only Two hacker groups are responsible for the majority of cryptocurrency hacking attacks and stolen nearly $1 Billion so far in 2018.

Crypto exchange is now one of the most frequently targeting attack platform and the cybercriminals stealing millions of dollars in cryptocurrency.

New Crypto crime report reveals that there only two biggest hacking groups involved past cryptocurrency related attacks that target centralized cryptocurrency exchanges, peer-to-peer exchanges etc.

- Advertisement -

In this case sophisticated hackers targeting cryptocurrencies for different reasons also they launch very powerful attacks that we ever imagine in order to obtain their goals.

Two hacker groups having different nature of goals, the First group is a giant group with non-monetary goals. and the other group is smaller and less organized to focus on complete monetary benefits.

Report says, On average, the incidents that the researchers traced from the two hacking groups involved $90 million per incident. 

These Two professional hacker groups, Together, these two groups are responsible for stealing around $1 billion to date, at least 60% of all publicly reported hacks. And given the potential rewards, there’s no question hacking will continue; it is the most lucrative of all crypto crimes.”
Chainalysis‏ said.

Stolen Funds Moving Process

Hackers are using a complex array of wallets and exchanges in order to move their stolen funds before that cybercriminals don’t move their funds for first 40 days to observe and waiting until interest in the theft has died down.

Once they feel the time would be safe to transfer then they start their fund transferring process and they are using some conversion service in order to make sure the funds are cahsed within 112 days. Also, the are using Sophisticated techniques to evade detection between the hack and their exit.

Until now, exchanges and law enforcement have had limited ability to track hacked funds. Furthermore, exchanges are regularly processing the stolen funds, allowing the hackers to convert the funds to traditional currencies or other cryptocurrencies. chainalysis said.

You can follow us on Linkedin, Twitter, Facebook for daily Cybersecurity updates also you can take the Best Cybersecurity courses online to keep your self-updated.