Two Hacker Gangs to Steal $1B Worth Crypto

Researchers reports: 2 groups stands behind 60% all crypto related hacker attacks
29 January 2019   1030

According to the report of the analytical company Chainalysis, two hacker groups stole cryptocurrency worth $ 1 billion.

The new report states that only these two groups, called by the analysts Alpha and Beta, account for about 60% of the total number of hacker attacks made during the entire existence of the cryptoindustry. As a result of malicious actions, these groups managed to get about $ 1 billion.

According to the senior economist of Chainalysis, Philip Gradwell, both organizations are likely to continue their activity. On the other hand, noted in the company, in this study may be inaccuracies. Moreover, the groups themselves have not yet been identified.

The report also notes that Alpha is supposedly a huge, tightly controlled organization that is at least partially guided by intangible motivation. “Beta” is much smaller than “Alpha”, it is not so rigidly organized and in its activity is guided mainly by monetary motives.

The stolen funds were moved about 5,000 times before they were withdrawn thru exchanges.

In addition, it is known that both groups act somewhat differently. “Alpha”, presumably, immediately conducts transactions with the extracted assets. “Beta” is not in a hurry, postponing the movement of cryptocurrency for about 18 months, until the dust settles and the public is less likely to recall the attack.

For about one month, Alpha will convert about 75% of the resulting cryptocurrency to fiat. "Beta" withdraw approximately 50% within a few days after the "waiting period" it has established.

According to Gradwell, sometimes funds even go to regulated exchanges, because AML systems are not able to detect suspicious transactions after multiple transfers of funds between addresses.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   133

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.


The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.


The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 


The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”