News Report: Two Hacker Groups Stole $1 Billion From Crypto...

Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges


- Advertisment -

A new report alleges that just two groups of hackers dominate the majority of cybercrime directed against cryptocurrency exchanges. Together, these groups have responsible for stealing about $1 billion of cryptocurrency so far.

Also Read: Arwen Enables Self-Custody for Traders of Centralized Exchanges

The Most Lucrative of All Crypto Crimes

Digital surveillance company Chainalysis has released its latest “crypto crime” report, claiming to identify two groups responsible for the majority of hacks in the field. Its findings were obtained in part by analyzing the different practices the thieves used for laundering their illicit gains.

On average, the incidents that the researchers traced from the two hacking groups involved $90 million per incident. They suspect that the first group is a “giant, tightly controlled organization” that may be partly driven by non-monetary goals. The second group is found to be smaller and less organized but absolutely focused on money and without much regard for evading detection.

Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges

“Hacking dwarfs all other forms of crypto crime, and it is dominated by two prominent, professional hacking groups,” the Chainalysis team wrote. “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.”

Most Stolen Crypto Laundered on Exchanges

According to the report, at least 50 percent of the stolen funds were cashed out through some type of conversion service within 112 days of the hacks. The researchers found that 64.3 percent of the funds were sent to centralized cryptocurrency exchanges, 11.9 percent to peer-to-peer exchanges and the remaining 23.8 percent went through other conversion services such as mixing services, bitcoin ATMs and gambling sites.

“Exchanges are regularly processing the stolen funds, allowing the hackers to convert the funds to traditional currencies or other cryptocurrencies,” the Chainalysis team explained. “This is in part because unless you’re the exchange that was hacked, these funds look like they have come from legitimate owners (that is, the original entities who were hacked); it is hard to tell which funds have been stolen and which haven’t without specialized investigation software.”

Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges

Chainalysis recently announced the launch of Know Your Transaction (KYT) for stablecoins, an anti-money laundering (AML) compliance solution for monitoring stablecoin transactions from issuance to redemption.

What do you think about the findings of this report? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from



Please enter your comment!
Please enter your name here

Latest news

The Bitcoin Billionaire app and thousands like it – how AI trading is swarming crypto

The appearance of the Bitcoin Billionaire app, an auto trading system changed and overtook the whole crypto...

Buy VPS With Bitcoin: The Top 10 List

In this article, we list the Best web hosting providers you can buy VPS with bitcoin. All...

5 of the Best Crypto Jobs Sites

The cryptocurrency and blockchain job market has exploded. With new blockchain start-ups and projects being founded at...

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...
- Advertisement -Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you