Cryptocurrencies have always been vulnerable to cyber attacks and thefts due to the decentralized nature of blockchain technology. Over the years, we have seen several high-profile crypto heists that have caused millions of dollars worth of losses. In this article, we'll be taking a look at the 10 biggest crypto heists of all time.
1. Mt. Gox (2014)
Mt. Gox was a Bitcoin exchange based in Tokyo, Japan, that was once the largest Bitcoin exchange in the world. In February 2014, it filed for bankruptcy after reporting that approximately 850,000 bitcoins, worth around $450 million at the time, had been stolen from its servers. The theft was later determined to have been the result of a long-term hacking effort.
2. Coincheck (2018)
Coincheck, a Japanese cryptocurrency exchange, lost $530 million worth of NEM tokens in a hack in January 2018. The attackers reportedly gained access to Coincheck's servers by sending a phishing email to one of its employees.
3. Bitfinex (2016)
Bitfinex, a Hong Kong-based cryptocurrency exchange, was hacked in August 2016, resulting in the loss of approximately 120,000 bitcoins, worth around $72 million at the time. Bitfinex later announced that it would socialize the losses, spreading them across all of its users.
4. Binance (2019)
In May 2019, Binance, one of the world's largest cryptocurrency exchanges, suffered a security breach in which hackers stole 7,000 bitcoins, worth around $40 million at the time. Binance used its Secure Asset Fund for Users (SAFU) to cover the losses.
5. DAO (2016)
The DAO was a decentralized autonomous organization built on the Ethereum blockchain. In June 2016, a hacker exploited a vulnerability in its code, stealing approximately $50 million worth of ether.
6. Bitstamp (2015)
Bitstamp, a European cryptocurrency exchange, was hacked in January 2015, resulting in the loss of approximately 19,000 bitcoins, worth around $5 million at the time. The exchange later announced that it had resumed operations after implementing new security measures.
7. Bitthumb (2018)
Bitthumb, a South Korean cryptocurrency exchange, suffered a security breach in June 2018, resulting in the loss of approximately $31 million worth of cryptocurrencies. Bitthumb later announced that it would compensate users for the losses.
8. Parity (2017)
Parity is a company that offers an Ethereum wallet service. In November 2017, a user accidentally triggered a vulnerability in its code, resulting in the freezing of approximately $150 million worth of ether.
9. Youbit (2017)
Youbit, a South Korean cryptocurrency exchange, was hacked twice in 2017, resulting in the loss of approximately 17% of its assets. The exchange later declared bankruptcy and closed down.
10. Zaif (2018)
Zaif, a Japanese cryptocurrency exchange, suffered a security breach in September 2018, resulting in the loss of approximately $60 million worth of cryptocurrencies. The exchange later announced that it had been acquired by another company and would continue operations under new management.
These are the 10 biggest crypto heists of all time, each of which resulted in significant losses for the affected companies and users. It is a reminder of the importance of maintaining strong security measures when dealing with cryptocurrencies, which remain an attractive target for hackers and cybercriminals.