Two hacker groups stole whopping $1bn in cryptocurrency

Science

29 Jan 2019

Two hacker groups stole $1 billion in cryptocurrency: Details here

If you think cryptocurrency hacks are not that common, think again!

A recent report from the Wall Street Journal has revealed that two hacker groups have stolen as much as $1 billion in digital money in a series of hacks.

Nobody knows about these groups, and apparently, they still remain at large.

Here's all about their attacks.

Attack

How these groups stole money

How these groups stole money

Chainalysis, a fraud detection company, tracked funds stolen in known hacks for about three months.

They found that more than $1.7 billion has been stolen, and the two groups in question attributed to more than half of it.

The groups employed sophisticated techniques like phishing and ransomware to steal the cryptocurrency and then transferred it from wallet to launder it.

Apparently, they conducted thousands of transfers

As per Chainalysis, the hackers transferred stolen cryptocurrency on an extensive network of digital wallets to cover their tracks and remain untraceable. They shuffled funds from one wallet to another on an average of 5,000 times before going ahead and encashing it through cryptocurrency exchanges.

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Anonymity

Nobody knows about the people behind these groups

As blockchain-based transactions are not tied to an identity, there is hardly any information on whereabouts of these groups or the people behind them.

They have been called Alpha and Beta, with the former being a "giant, tightly controlled organization at least partly driven by non-monetary goals," while the latter being a smaller organization focused primarily on money.

Possibility

Hopefully, security measures will be taken to prevent such attacks

Hopefully, security measures will be taken to prevent such attacks

With hackers adapting new techniques to steal cryptocurrencies, it is now more important than ever to introduce stringent measures to tackle such attacks.

Chainalysis will help with that by providing a detailed report of the attacks carried out by the two hacker groups, which still remain active.

This might possibly prevent them from carrying out such thefts in the future.

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Most asked questions

Why cryptocurrency transactions cannot be tracked?

Was this the Lazarus group?

How they steal cryptocurrency?

How many attacks these hackers carried out?

More questions

Why cryptocurrency transactions cannot be tracked?

Asked 2019-01-29 18:55:47 by Vihaan Yadav

Answered by NewsBytes

Cryptocurrency transactions are blockchain-based, which is a digital ledger for all crypto transactions. However, the thing is, these transactions are not tied to any identity, which makes it difficult to trace the people involved in the transfers.

Was this the Lazarus group?

Asked 2019-01-29 18:55:47 by Rishika Vyas

Answered by NewsBytes

Lazarus group is said to be involved in the biggest cryptocurrency thefts, but there's no way to be sure that this was them.

How they steal cryptocurrency?

Asked 2019-01-29 18:55:47 by Aaradhya Rodrigues

Answered by NewsBytes

Hackers steal cryptocurrency by techniques like phishing and spamming. Some even hijack public Wi-Fi connections.

How many attacks these hackers carried out?

Asked 2019-01-29 18:55:47 by Abhinav Chopra

Answered by NewsBytes

As of now, it is not clear how many attacks these two groups carried out.

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