Chainalysis Report: Two Active Groups Account For $1bn. In Crypto Hacks

One report by the blockchain analytics company Chainalysis is in the latest crypto news – revealing that there are probably two active hacker groups which have stolen $1 billion in cryptocurrency so far.

First reported by the Wall Street Journal (WSJ), the article notes that the two entities – which are named Alpha and Beta by Chainalysis – have received the majority of the money that was lost in cryptocurrency scams.

On top of that, WSJ cites Philip Gradwell, who is the chief economist at Chainalysis, as saying that these two organizations are probably still active. Furthermore, the source admits that there is a chance for this analysis to be incorrect and that the company has not been able to determine the group’s identity.

While Alpha is “a giant, tightly controlled organization at least partly driven by non-monetary goals,” Beta is a smaller one and less organized “heavily sanctioned organization heavily focused on the money,” as the report states.

The two groups also operate differently. Alpha reportedly starts by transferring the crypto from address to address immediately, while Beta tends to wait for up to 18 months, letting the publicity fade away.

The report notes that Alpha converts about 75% of the funds within one month on average, while Beta cashes out 50% in just days after their self-imposed waiting period.