Darknet Becoming Popular Among Hackers For Converting Stolen Funds

Jyoti Singh by Jyoti Singh - 06:59 PM May 22, 2020
Darknet Becoming Popular Among Hackers For Converting Stolen Funds

Day by day the crypto industry is getting advanced, along with it the concern regarding its security, anonymity, use on the darknet etc, also is increasing.

Every time the crypto community comes up with a solution for these problems, the unauthorized users returns with more advanced technique.

Hackers Getting Advanced

In the year 2019, around 12 crypto exchanges have been attacked by hackers. After that, some of the popular exchanges like BitMEX and Binance took strict measures to prevent their network. But in the year 2020, hackers got advanced and exchange experiences distributed denial-of-service (DDoS) attacks.

The Whale Alert notified that while hacking, the hackers transferred millions from the exchanges for several times. On most occasions, the bot has warned the exchanges about the funds that enter into their ecosystem. While taking benefit of this, exchanges like Binance freeze those stolen funds.

Darknet Protects Hacker’s Identity

A few days ago, Upbit and Cryptopia were being hacked. While the funds were being moved they entered into the ecosystem of Binance, grabbing the opportunity, the world’s largest crypto exchange froze the funds.

But it is to be noted that the amount of funds frozen by the exchange is very less as compared to the total funds that have been stolen.

The hacker uses different tricks to hide the funds they have stolen. Some of the hackers on the darknet uses a gateway to protect their identities at the time of the hacking.

The crypto analytics branch of Bitfury, Crystal Blockchain, recently published a report stating that the use of mixed services is continuously increasing on the darknet. From Q1 2019 to Q1 2020, the mixers experienced a significant hike in the amount of Bitcoin transferred to it.

In Q1 2019, the mixer received 790 BTC and in Q1 2020 the amount of Bitcoin received by it is 7,946 BTC. This data shows that currently, the mixing of crypto services is becoming popular in the darknet system.

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About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.


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