One of the biggest hacking ever in the history was recorded, when two groups pilfered and amassed $1 Billion worth of Cryptocurrency, says report.
The suspects are still at large as of writing.
According to research, hacking cryptocurrency exchanges and running away with the bounty is enormously lucrative.
According to cryptocurrency fraud detection company Chainalysis, just two prominent hacking groups have amassed “around $1 billion to date.”
For perspective, that’s well over half of all cryptocurrency stolen through publicly known hacks.
The two groups worked together to steal cryptocurrency through phishing schemes, ransomware, and other security soft spots.
Then they transferred funds from cryptocurrency wallet to wallet, in order to launder the funds, according to Chainalysis.
Making matters worse is the fact that cryptocurrency exchanges — companies that exchange cryptocurrencies like Bitcoin or Ethereum for regular currency — are for the most part unregulated.
Over the years, more and more exchanges have been hacked due to security reasons and lack of regulations.