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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

How Hackers Stole $1.7 Billion in Crypto in 2018 Using Complex Strategies

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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While 2017 was the year of crypto gains, 2018 was the year of crypto theft, according to new data. Crypto-related thefts increased roughly 260% from 2017 to 2018, largely fueled by a number of high-profile cryptocurrency exchange hacks.

Blockchain analysis also shows that the hackers behind the crypto-stealing schemes and scams, are very careful, even calculated in their approach, oftentimes waiting patiently for the right moment to begin laundering the stolen funds.

Crypto Theft Tops $1.7 Billion in 2018, What Will 2019 Bring?

According to a new report from leading cryptocurrency forensics provider CipherTrace, who helps exchanges, security researchers, and law enforcement better understand the intricacies of cryptocurrencies and blockchain, revealed that around $1.7 billion in crypto had been stolen throughout last year.

Nearly $1 billion alone came from cryptocurrency exchange-related thefts, highlighting the impact of the $500 million Coincheck hack that set the tone for the rest of the year. In fact, the bulk of crypto exchange hacks originated in Korea and Japan, where Coincheck is located, according to CipherTrace.

Related Reading | Japan Sees Rising Crypto Theft, $540 Million Stolen in First Six Months of 2018

The remaining $725 million in stolen crypto can be attributed to crimes outside of cryptocurrency exchanges, such as Twitter crypto scams, phishing attacks, fraudulent ICOs, and Ponzi schemes.

CipherTrace also says that the $1.7 billion number they arrived at only represents stolen digital assets the firm was able to validate themselves, and that they have little doubt that the true number of crypto asset losses is much larger.”

Crypto Hackers Use Advanced Tactics, Carefully Calculated Strategies

While CipherTrace’s investigation was geared toward coming up with a total sum of all stolen crypto, another blockchain analysis firm focused on figuring out the who, what, where, and when related to the explosion of cryptocurrency thefts last year.

Cryptocurrency exchanges were hacked out of ~$1B in 2018 by professional groups whose distinct “signatures” might be the key to defending against them. Read more in our latest blog #cryptocurrency #cryptocrime https://t.co/tD84oqxQQ1 pic.twitter.com/tCnCPbKqxz

— Chainalysis (@chainalysis) January 28, 2019

Chainalysis revealed in the final installment of their Crypto Crime series of blog posts, that the majority of the stolen cryptocurrency could be at the hands of just two hacking groups. The firm claims that together, the “two groups are responsible for stealing around $1 billion to date, at least 60% of all publicly reported hacks.”

Data suggests that the two prominent hacking groups were very calculated in their money laundering strategies, often waiting an extended period of over a month before beginning to move funds through a “complex array of wallets and exchanges in an attempt to disguise the funds’ criminal origins.”

Related Reading | Google Security Expert: Crypto is Like Catnip for Cyber Criminals

“A successful laundering scheme involves ‘placing’ criminal funds into the financial system, moving them around or ‘layering’ to avoid detection, and then ‘integrating’ those funds into the real economy, usually through a business, to make them look like legitimate profit,” Chainalysis explained.

At least 64% of the stolen digital currencies makes its way to a cryptocurrency exchange at some point, which explains why there has been a spike in law enforcement related requests sent to cryptocurrency exchange in recent months.

As for why hackers are increasingly targeting crypto in their criminal activities, a lead security expert for Google says that “cryptocurrency is like catnip” for cyber criminals due “the instantaneous nature of it, the very, very low transaction fees, the frictionless nature of money moving around,” along with crypto’s “pseudonymity.”

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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