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Two cybercrime groups are responsible of 60% of cryptocurrency exchange hacks

Two Cybercrime Groups Are Responsible Of 60% Of Cryptocurrency Exchange Hacks

Chainalysis: 60% of cryptocurrency exchange hacks have been done by just two cybercrime group: Alpha and Beta. They are believed to have stolen around $1 billion worth

Two hacker groups are responsible of around 60% of cryptocurrency exchange hacks and are believed to have stolen around $1 billion worth. It has been revealed by blockchain analysis firm Chainalysis in a recent report. According to the document, on average they stole $90 million every successful cyber security compromission. The company dubbed the two cybercrime gangs as Alpha and Beta. They move the stolen currency through a complex network of wallets and exchanges, in an attempt to disguise their origin. They wait until things quiet down, and then proceed to cash the stolen funds by converting them to fiat (real-world) currency. The average cooldown period is around 40 or more days, Chainalysis said.

The blockchain experts explain the difference between these two hacker formations

According to Chainalysis, Alpha “a giant, tightly controlled organization partly driven by non-monetary goal”. The cybercrime hackers “seem much more sophisticated, expertly shuffling funds around in a way that suggests they want to avoid detection.” Beta is “a less organized and smaller organization, absolutely focus on money. They don’t appear to care very much about evading detection, just about getting a clear route to convert illicit assets to clean cash.” Moreover, transaction analysis shows that the first gang typically steals funds and immediately begins to shuffle them around rapidly (up to 15,000 movements in one of the traced hacks), converting up to 75% of stolen assets to cash within 30 days. The second “steals funds and then sits on those funds for 6 to 18 months. Then, when they feel ready, they quickly hit one exchange cashing out over 50% of funds within days”.

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