Cryptocurrency thefts are one of the most prominent challenges facing this sector, as the markets have witnessed many major breaches that have led to losses of billions of dollars. The following are the most important and largest hacking operations in the history of cryptocurrencies:
1. Poly Network Hacking (2021)
Amount stolen: approximately $611 million.
the details:
Poly Network, a DeFi (decentralized finance) platform, has suffered a major hack. Attackers were able to exploit a vulnerability in smart contracts and steal funds.
Surprise:
The hacker (known as an "ethical hacker") later returned most of the money, claiming the hack was for the purpose of exposing vulnerabilities.
2. FTX Hack (2022)
Amount stolen: about $477 million (included in the platform collapse).
the details:
During the FTX bankruptcy crisis, its digital wallets were hacked, stealing users’ funds. The attack is believed to have been insider, with investigations ongoing.
3. Coincheck Hack (2018)
Amount stolen: approximately $530 million (NEM Tokens).
the details:
Japanese exchange Coincheck was hacked due to weak security of hot wallets.
Consequences:
The incident prompted the Japanese government to impose strict regulations on trading platforms.
4. Mt. Gox Hack (2014)
Amount stolen: About 850,000 Bitcoins (about $460 million at the time, worth billions today).
the details:
Mt. Gox was the largest cryptocurrency exchange at the time. The hack led to its bankruptcy and caused a long-term loss of confidence in Bitcoin.
5. Wormhole Hack (2022)
Amount stolen: approximately $326 million.
the details:
Wormhole, a protocol that connects different blockchains, was targeted due to a vulnerability in its smart contracts, allowing an attacker to withdraw huge amounts of money.
6. KuCoin Hack (2020)
Amount stolen: about $280 million.
the details:
KuCoin platform was targeted and hackers were able to access hot wallet keys.
Consequences:
The platform has recovered about 84% of the stolen funds with the help of partners and tracking companies.
7. Ronin Network Hack (2022)
Amount stolen: approximately $620 million.
the details:
The bridge connecting Axie Infinity to the Ethereum blockchain has been targeted, with attackers exploiting vulnerabilities in the bridge's smart contract.
The reason behind these thefts:
Weak security:
Hot wallets are more vulnerable to attacks than cold ones.
Vulnerabilities in smart contracts used in DeFi.
Lack of organization:
Cryptocurrencies make an attractive target for hackers because it is difficult to trace funds.
Conclusion:
Major thefts have affected the reputation of cryptocurrencies and highlighted the importance of enhancing security.
However, companies and platforms continue to improve their security technologies.
Users should store their funds in cold wallets to avoid risks.
If you are interested in trading or investing, always be wary of untrusted platforms, and make sure to secure your digital wallet.