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Chainalysis Reports more than a billion Dollars in Crypto stealing by two groups of hackers



Chainalysis Reports more than a billion Dollars in Crypto stealing by two groups of hackers

Analysis firm Blockchain Chainalysis has revealed in its most recent report that only two groups benefited from the majority of cryptocurrency attacks that have occurred to date.

According to the new report shared with The Wall Street Journal, the two piracy groups could have obtained $ 1 billion in cryptocurrencies. The firm also indicates that it is estimated that since the creation of Bitcoin, more than $ 17 billion in cryptocurrencies have been stolen.

Chainalysis calls the two piracy entities Alpha and Beta, as the groups responsible after the attacks. In addition, the WSJ quotes Philip Gradwell, chief economist at Chainalysis, saying that the two organizations are probably still active.

At the same time, it revealed that tracking the funds that were stolen in publicly reported hacks took three months to complete. Chainalysis pointed out that his analysis could be incorrect. The Blockchain analysis platform could not identify the two hacking groups either.

According to the report called Crypto Crime Report, “piracy dwarfs all other forms of cryptocurrencies, and is dominated by two prominent groups of professional piracy.”

“Together, these two groups are responsible for stealing around $ 1 billion to date, at least 60% of all publicly reported attacks.”

The report notes that both Alpha and Beta did their best to shuffle the coins they stole, apparently in an attempt to obfuscate the source of the funds. For the most part, this involved a large number of transactions that moved stolen funds from one address to another, the report said.

“Hackers often move stolen funds through a complex variety of wallets and exchanges in an attempt to hide the criminal origins of the funds. On average, hackers move funds at least 5,000 times. ”

The two groups have different ways of handling stolen cryptocurrencies. While Alpha begins to shuffle the funds immediately, Beta is more patient and can sometimes wait up to a year and a half. In one case, it is said that Beta has cashed more than $ 32 million at one time.

The report states that, supposedly, Alpha is a “giant organization, tightly controlled, at least partly driven by non-monetary objectives,” while Beta is a “smaller and less organized organization” strongly sanctioned and very money-focused.

Both groups have succeeded in channeling much of their profits to change it to fiat money, Chainalysis writes, since more than half of all pirated funds were converted in less than four months, and approximately three quarters of the pirated funds were They retired in six months. This was done in large part through the use of regular exchanges, according to the report, which Chainalysis believes was possible because exchanges and enforcement have had a limited ability to track pirated funds.

The report notes that Alpha converts approximately 75 percent of funds within a month on average, while Beta charges 50 percent just a few days after its self-imposed waiting period.

Last year more than 7 billion were lost in cryptocurrencies through exchange hacks. This was an increase of almost triple the previous year, which lost approximately $ 266 million due to security breaches.

Recently in a forum of the popular P2P exchange Localbitcoins, a link for phishing was posted, but the attack was stopped at that moment with only five affected wallets.

In addition, recently it was learned that $ 16 million was stolen in Ethereum (ETH) and ERC20 tokens were stolen in mid-January from the Cryptopia exchange in New Zealand, as the most recent attacks occurred in the crypto space.


Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform



Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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Thailand Outlaws The Use Of Crypto For Payments



Thailand Outlaws The Use Of Crypto For Payments
  • The SEC in Thailand has banned crypto payments in the country.
  • Its new decision is expected to become enforceable in April.
  • The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.

The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.

Crypto Payments Outlawed

Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).

They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.

The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering.”

As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.

The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.

Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation

The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”

The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.

“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as  blockchain and emphasize and support the use of technology to further innovation.”

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