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The biggest crypto heists of all time

The biggest crypto heists of all time

From Mt. Gox to Coincheck, crypto exchanges have been hit by some major hacks over the years – and millions of dollars worth of digital currency have been stolen as a result. In this article, we take a look at some of the biggest crypto heists in history.

From Mt. Gox to Bitfinex, crypto exchanges have been hit by some massive hacks over the years, leading to the theft of millions of dollars worth of digital currency. In this article, we take a look at some of the biggest crypto heists in history.

BitCoin

Mt. Gox

Mt. Gox was once the world’s largest Bitcoin exchange, handling over 70% of all Bitcoin transactions worldwide. But in February 2014, Mt. Gox suddenly stopped allowing withdrawals, and within weeks filed for bankruptcy. It later emerged that 850,000 Bitcoins (worth $450 million at the time) had been stolen from Mt. Gox’s wallets – the biggest crypto heist in history.

Bitfinex

Bitfinex, the world’s largest cryptocurrency exchange by trading volume, has been hacked several times. In 2015, it lost $400,000 worth of Bitcoin to hackers. In 2016, it was hacked again and this time $72 million worth of Bitcoin was stolen. The exchange was forced to shut down for a week and implemented new security measures.

Despite these hacks, Bitfinex remains one of the most popular cryptocurrency exchanges. It offers a variety of features and trading pairs that make it appealing to both beginner and experienced traders.

Coincheck

In early 2018, Japanese cryptocurrency exchange Coincheck was the victim of what was then the largest crypto theft in history. Over $500 million worth of NEM tokens were stolen from the exchange, purportedly by hackers who gained access to its hot wallet. The hack sent shockwaves through the crypto community and led to increased regulation of exchanges in Japan.

Bithumb

Bithumb, one of the world’s largest cryptocurrency exchanges, was the victim of a major hack in 2018. The hackers were able to make off with over $30 million worth of digital currency. This was one of the biggest crypto heists of all time and highlights the need for better security measures at exchanges.

Upbit

In May of 2019, Upbit, one of the world’s largest cryptocurrency exchanges, suffered a hack that resulted in the loss of 342,000 ETH, valued at the time at around $50 million.

This was not the first time that Upbit had been hacked; in fact, the exchange had been hacked once before, in September of 2017. That incident saw the loss of 3,000 BTC, worth about $1 million at the time.

While neither of these hacks is on the same scale as some of the others on this list, they are notable for being among the few that have successfully targeted a major exchange. And given Upbit’s prominence in the crypto world, these hacks have served as a reminder of just how vulnerable even the biggest and most popular exchanges can be.

The DAO

The DAO was a digital decentralized autonomous organization that ran on Ethereum. It was intended to be a new way of organizing online companies and projects, with no centralized authority or owner. However, in June 2016, an attacker exploited a flaw in theDAO’s code to siphon off one-third of its funds, totaling over $50 million worth of Ether. The hard fork that followed split the Ethereum community and led to the creation of Ethereum Classic.

Parity Wallet Hack

On November 6, 2017, Parity Technologies, a blockchain startup, announced that $30 million worth of ether had been stolen from multi-sig wallets created with its software. The funds were taken from three different wallets, and Parity believes that the hack was made possible by a flaw in its code.

This was one of the biggest crypto heists of all time, and it highlights the need for improved security in the world of cryptocurrency. While the Parity hack was a major setback for the company, it has since rebounded and is now working on new features to prevent similar attacks in the future.

The Mt. Gox Hack

In February 2014, Japanese cryptocurrency exchange Mt. Gox suffered a major hack that resulted in the loss of 850,000 bitcoins. This was worth around $450 million at the time, and it caused the price of bitcoin to drop by over 50%.

Mt. Gox was once the largest bitcoin exchange in the world, handling over 70% of all bitcoin transactions. The hack brought the company to its knees, and it eventually filed for bankruptcy.

While Mt. Gox has since been bought by a new owner and relaunched as a crypto exchange, it will always be remembered for this devastating hack.

The DAO Hack

In 2016, a decentralized autonomous organization (DAO) was created on the Ethereum blockchain with the goal of funding Ethereum projects. The DAO raised over $150 million worth of ether from investors, but it was soon hacked and $50 million worth of ether was stolen.

This caused a major split in the Ethereum community, with some people wanting to hard fork the blockchain to recover the stolen funds while others believed that this would go against the principles of decentralization. In the end, a hard fork was implemented and those who held

Conclusion

Cryptocurrency heists are becoming more and more common as the value of Bitcoin and other digital assets continue to rise. These heists are often complex and sophisticated, making it difficult for law enforcement to catch the perpetrators. While some of these heists have been successful, others have not, thanks to the quick thinking of those involved. Whether you’re a cryptocurrency investor or not, it’s always fascinating to hear about these multimillion-dollar crimes.

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