 |
| Image Credit: Newsweek |
The history of cryptocurrency hacks stretches back to the early days of bitcoin, with many exchanges and platforms falling victim to attacks over the years. Some of the earliest and most notable hacks include the Mt. Gox hack in 2014, in which hackers stole 850,000 bitcoins (worth around $450 million at the time), and the Bitfinex hack in 2016, in which hackers stole 120,000 bitcoins (worth around $70 million at the time).
As the cryptocurrency market has grown and more people have become interested in buying and selling digital assets, the number and scale of cryptocurrency hacks has increased. Some of the largest hacks in recent years include the Coincheck hack in 2018, in which hackers stole around $530 million worth of NEM tokens, and the Binance hack in 2019, in which hackers stole 7,000 bitcoins (worth around $40 million at the time).
Cryptocurrency hacks can have a significant impact on the market, as they can lead to the loss of large amounts of digital assets and erode confidence in the security of exchanges and platforms. It's important for users to be aware of the risks and to take steps to secure their own assets, such as by using hardware wallets or keeping their funds in cold storage.
Here are some of the largest cryptocurrency hacks that have occurred so far:
Coincheck: $530 million
Coincheck was a Japanese cryptocurrency exchange that was hacked in January 2018. In the hack, hackers stole around $530 million worth of NEM tokens from the exchange. Coincheck had a large number of NEM tokens stored in a hot wallet, which is a digital wallet that is connected to the internet and therefore more vulnerable to attacks.
The hackers were able to gain access to the hot wallet and transfer the NEM tokens to their own wallets. Coincheck initially tried to cover the losses by using its own funds, but it eventually had to be rescued by the Japanese financial services company Monex Group. The hack had a significant impact on the NEM price, which fell by around 20% following the news.
Mt. Gox: $450 million
Mt. Gox was a cryptocurrency exchange that was hacked in February 2014. At the time, it was the largest bitcoin exchange in the world. In the hack, hackers stole 850,000 bitcoins (worth around $450 million at the time) from the exchange. An additional 200,000 bitcoins were later discovered to be missing, bringing the total loss to around $650 million.
The hack had a major impact on the cryptocurrency market, causing the price of bitcoin to plummet. Mt. Gox filed for bankruptcy in the wake of the hack, and it was later revealed that the exchange had been insolvent for some time before the hack occurred. The Mt. Gox hack is still one of the largest and most infamous cryptocurrency hacks to date, and it highlighted the need for exchanges to have better security measures in place to protect customer assets.
Bitfinex: $70 million
Bitfinex is a cryptocurrency exchange that was hacked in August 2016. In the hack, hackers stole 120,000 bitcoins (worth around $70 million at the time) from the exchange. Bitfinex was able to reimburse its customers for their losses, but the hack had a significant impact on the price of bitcoin, which fell by around 20% following the news.
After the hack, Bitfinex implemented a number of security measures to prevent future attacks, including the use of cold storage for the majority of its bitcoin holdings and the implementation of multi-signature technology for all bitcoin withdrawals. Despite these efforts, the exchange has faced criticism for its handling of the hack and for its relationship with the stablecoin issuer Tether.
Binance: $40 Million
Binance is a cryptocurrency exchange that was hacked in May 2019. In the hack, hackers stole 7,000 bitcoins (worth around $40 million at the time) from the exchange. Binance was able to recover the stolen funds and reimburse its customers for their losses, but the hack had a significant impact on the price of bitcoin, which fell by around 4% following the news.
Binance has since implemented a number of security measures to prevent future attacks, including the use of cold storage for the majority of its bitcoin holdings and the implementation of multi-factor authentication for all user accounts. Despite these efforts, Binance has faced criticism for its handling of the hack and for its lack of transparency regarding the specifics of the attack.
Cryptopia: $16 Million
Cryptopia was a New Zealand-based cryptocurrency exchange that was hacked in January 2019. In the hack, hackers stole around $16 million worth of various cryptocurrencies from the exchange. Cryptopia was unable to recover the stolen funds and was eventually forced to declare bankruptcy.
The hack had a significant impact on the cryptocurrency market, as many users lost their funds and were unable to access their accounts. The incident highlighted the risks of using cryptocurrency exchanges, as they are vulnerable to attacks and may not always have the means to reimburse their customers for their losses. It also underscored the importance of users taking steps to secure their own assets, such as by using hardware wallets or keeping their funds in cold storage.
Upbit: $49 Million
Upbit is a South Korean cryptocurrency exchange that was hacked in November 2019. In the hack, hackers stole 342,000 ether (worth around $49 million at the time) from the exchange. Upbit was able to reimburse its customers for their losses, but the hack had a significant impact on the price of ether, which fell by around 5% following the news.
Upbit has since implemented a number of security measures to prevent future attacks, including the use of cold storage for the majority of its ether holdings and the implementation of multi-factor authentication for all user accounts. Despite these efforts, Upbit has faced criticism for its handling of the hack and for its lack of transparency regarding the specifics of the attack.
Nicehash: $62 Million
NiceHash is a cryptocurrency mining platform that was hacked in December 2017. In the hack, hackers stole 4,700 bitcoins (worth around $62 million at the time) from the platform. NiceHash was able to reimburse its customers for their losses, but the hack had a significant impact on the price of bitcoin, which fell by around 2% following the news.
NiceHash has since implemented a number of security measures to prevent future attacks, including the use of cold storage for the majority of its bitcoin holdings and the implementation of multi-factor authentication for all user accounts. Despite these efforts, NiceHash has faced criticism for its handling of the hack and for its lack of transparency regarding the specifics of the attack.
Kucoin: $281 million
KuCoin is a cryptocurrency exchange that was hacked in September 2020. In the hack, hackers stole $281 million worth of various cryptocurrencies from the exchange. KuCoin was able to recover some of the stolen funds and reimburse its customers for their losses, but the hack had a significant impact on the market, as many users lost their funds and were unable to access their accounts.
KuCoin has since implemented a number of security measures to prevent future attacks, including the use of cold storage for the majority of its cryptocurrency holdings and the implementation of multi-factor authentication for all user accounts. Despite these efforts, KuCoin has faced criticism for its handling of the hack and for its lack of transparency regarding the specifics of the attack.
Posting Komentar