--- title: "Two Hacker Groups Pilfered $1 Billion Worth of Cryptocurrency" description: "According to a cryptocurrency security firm only two prominent hacker groups were responsible for stealing \"around $1 billion\" in cryptocurrency." date: "2019-01-28" modified: "2019-01-28" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/cryptocurrency-hacking-groups-1-billion-dollars" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "cryptocurrency" - "hacker" - "hacking" --- # Two Hacker Groups Pilfered $1 Billion Worth of Cryptocurrency ![According to a cryptocurrency security firm only two prominent hacker groups were responsible for stealing "around $1 billion" in cryptocurrency.]() *\Image: Pete Linforth/Tag Hartman-Simkins\* ## Prominent Hacking Groups Hacking cryptocurrency exchanges and running away with the bounty is enormously lucrative, according to new research. According to cryptocurrency fraud detection company Chainalysis, just two prominent hacking groups [have stolen]() "around $1 billion to date." For perspective, that's well over half of all cryptocurrency stolen through publicly known hacks. ## Lack of Regulation 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. [More and more]() of these exchanges have been hacked over the years, pointing towards lax security standards. That sense of insecurity hasn't helped the blockchain industry. The value of Bitcoin has been in a [downward spiral]() after peaking in December 2017 over a year ago. ## Catching on While financial security firms are finally catching on to these schemes, hackers are also becoming more adept. They're finding new ways to steal cryptocurrency — by stealing identities, hijacking public Wi-Fi connections, or even [bypassing two-factor authentication](). There's plenty of evidence that the industry hasn't learned its lesson yet. And that's a big problem. The two unnamed hacker groups are likely still at large — without major crackdowns on cryptocurrency exchanges and meaningful regulation, they're bound to get away with even more in the future. **READ MORE:** [Two Groups Account for $1 Billion in Cryptocurrency Hacks, New Report Says]() \[*The Wall Street Journal*\] ***More on crypto hacking: [Hackers Target Yet Another South Korean Crypto Exchange]()*** ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()