Largest Hackers Groups Earn $90 Million per Attack on Crypto Exchange
Only two groups are standing behind at least 60% of all hacker attacks on crypto exchanges. For one attack, they earn $90 million.
The blockchain company Chainalysis has conducted a study on cryptocurrency exchanges hacks. The company has determined that more than half of the attacks are the “merit” of only two hacker groups. In general, they managed to steal $1 billion from trading floors, and for one hack, on average, these groups receive $90 million.
Chainalysis named the first group Alpha. Allegedly, this is a huge tightly controlled organization, which is not driven by greed.
Beta is the second one. It is smaller, poorly organized, and the primary motive of its activities lies in the desire for profit.
According to the company, after siphoning off money from the exchanges, Alpha transfers cryptocurrency through various services to cover its tracks. On average, the attackers of this group make 15,000 transactions with stolen coins. Alpha transfers more than 75% of stolen crypto in a fiat only within a month.
Beta, on the contrary, is slower. This group exchanges crypto for fiat within 6-18 months. When Beta decides to take this step, it attacks one exchange, where it cashes out over 50% of the money. Chainalysis claims that once group managed to withdraw $32 million into cash in such attack.
The company also claims the collapse on the cryptocurrency market did not affect the darknet activities with crypto. On the contrary, the number of transactions with coins has doubled.
Chainalysis is confident cryptocurrency crimes are increasingly becoming part of the traditional malefactors’ activities. In the future, the situation will only worsen. That is why the crypto industry should develop innovative technologies to combat hackers.