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The Top 10 Crypto Heists You Need to Know About,Top 10 Crypto Heists of All Time You Should Know About
The Top 10 Crypto Heists You Need to Know About
This article lists the top crypto heists that you should be aware of.
As most transactions involving money take place online, it is much easier for hackers to steal virtual money than actual money. Also, the capacity to shift substantial quantities of cryptocurrency discreetly has led to important crypto heists. Let’s examine the greatest crypto heists ever in this essay. Exchanges for cryptocurrencies are still being hacked.
According to a computation based on the value of the stolen crypto assets at the time they were taken, the attack on Ronin Network in March 2022, which allowed players of the video game Axie Infinity to exchange in-game tokens for other cryptocurrencies, was the biggest crypto theft ever.
The second-largest cryptocurrency robbery in history occurred last year at Poly Network, a platform for smart contracts that enables users to swap tokens between different blockchains like Bitcoin and Ethereum.
The Japanese cryptocurrency exchange Coincheck revealed a US$547 million theft of the esoteric cryptocurrency NEM in January 2018. The company admitted to keeping the funds in a “hot wallet,” which is a bitcoin storage location connected to the internet and hence vulnerable to cybersecurity assaults.
The first widely publicized and possibly still most well-known cryptocurrency theft occurred in 2014 when a separate Japanese exchange, Mt. Gox, lost 480 million US dollars worth of Bitcoin. By 2014, more than 70% of all Bitcoin transactions were being handled by Mt. Gox, a platform for trading “Magic the Gathering” game cards that was founded in 2010. In February of that year, it abruptly stopped trading, shut down its exchange services, and filed for bankruptcy.
The Singapore-based cryptocurrency exchange KuCoin announced the theft of cryptocurrencies valued at US$275 million in September 2020, including US$127 million in ERC20 tokens used in Ethereum smart contracts. Johnny Lyu, the CEO of the exchange, revealed that hackers had obtained the private keys to its “hot wallets.”
Bridge Nomad Token
The cross-chain technology Nomad Token Bridge ran out of US$190 million in multiple cryptocurrencies in a matter of hours in August 2022. Since a weakness was introduced to the protocol during a routine upgrade, hackers can transfer any amount by simply changing the code of a previous transaction.
Just a few weeks after the Coincheck incident, a smaller cryptocurrency exchange in Italy called BitGrail said that hackers had stolen US$170 million in the specialist cryptocurrency Nano. The leak reportedly cost one Reddit user US$1.4 million. The exchange was forced to close because it was unable to reimburse its clients.
The decentralized cryptocurrency exchange Maiar began informing users of “strange activities” on its Elrond blockchain in early June 2022. Unbiased researcher soon revealed that hackers had found a platform security flaw and taken 1,650,000 Elrond eGold (EGLD), the blockchain’s internal currency, using it. Its value at the time of the hack was US$113 million. Nevertheless, when the hackers sold just under half of their stolen goods, the price of EGLD fell from US$76 to barely US$5.
Bitfinex In 2016, 120,000 Bitcoin, which at the time was valued $72 million USD, were stolen from the Hong Kong-based cryptocurrency exchange Bitfinex. The price of Bitcoin dropped by 20% as a result of the incident, which saw the money from 2,000 transactions routed into a single wallet under the hackers’ control. The US Department of Justice announced last month that it had collected the proceeds of the crime, which are now valued at US$3.6 billion due to Bitcoin’s surging valuation. The money was not retrieved at the time, but it was recovered last month.
NiceHash In 2017, a hack of the cryptocurrency mining exchange NiceHash led to the theft of about 4,700 Bitcoin, which at the time had a market value of US$64 million. Hackers gained access to the website’s payment system in order to steal Bitcoin.