How did hackers steal more than $1.7 billion in cryptocurrency in 2018?
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Answer How did hackers steal more than $1.7 billion in cryptocurrency in 2018?
While 2017 was the year of cryptocurrency major gains, 2018 was the year of cryptocurrency theft, according to new data. Cryptocurrency-related thefts increased by nearly 260 percent from 2017 to 2018, largely influenced by a number of cryptocurrency exchange hacks.
The new report also shows that the hackers behind the cryptocurrency theft schemes and the criminal scams behind it are only two groups of hackers, and their operations are highly calculated and organized, often waiting patiently for the right moment to start laundering the stolen money.
$1.7 billion of cryptocurrency was stolen in 2018, what will happen in 2019?
According to a new report from CipherTrace, a leading digital forensics company that helps trading platforms and security researchers better enforce the law by understanding the complexities associated with cryptocurrency and blockchain, it has revealed that about $1.7 billion in “cryptocurrency” has been stolen over the past year alone. .
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Almost $1 billion came from just cryptocurrency thefts, highlighting the impact of the $500 million hack that set the tone for the rest of the year. In fact, the bulk of the hack involved an exchange that originated in Korea and Japan, Coincheck, according to CipherTrace.
The remaining $725 million in cryptocurrency can be attributed to crimes outside of cryptocurrency exchanges, such as scams, phishing attacks, fraudulent initial offer projects (ICOs), and Ponzi schemes.
CipherTrace also says that the $1.7 billion figure represents only stolen cryptocurrency that the company has been able to verify, and that it has no doubts that the true number of cryptocurrency losses is much higher.
Crypto hackers use advanced strategies and carefully calculated algorithms
While the CipherTrace investigation has been geared towards coming up with a total of cryptocurrency thefts, another crowd-analytics firm has focused on who, what, where, and when cryptocurrency thefts occurred in the past year.
Chainalysis has revealed the latest batch of crypto crime series for blog posts, which could be the majority of cryptocurrencies stolen by just two hacking groups. The company claims that “the two groups are responsible for nearly $1 billion in theft to date, at least 60% of all publicly reported hacks.”
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The data suggests hackers perform highly calculated operations in money laundering strategies, often waiting as long as over a month before beginning to move funds through “a complex array of wallets and trading platforms in an attempt to hide the criminal origins of the funds.”
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“A successful money laundering program involves placing criminal money in the financial system or moving it in places or layers to avoid detection and then incorporating that money into the real economy, usually through businesses to make it look like a legitimate profit.”
At least 64% of stolen cryptocurrency makes its way to crypto-for-coin exchanges at some point, which explains why there has been a significant increase in law enforcement-related requests sent to crypto exchanges in recent months.
As for the reasons why hackers are increasingly targeting the cryptocurrency market for their criminal activities, a leading security expert at Google says cryptocurrency is like a catnip for cybercriminals due to its instantaneous nature, very low transaction fees, and the frictionless nature of moving money.
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