As the cryptocurrency market has grown, so have the risks of major security breaches and thefts. Here are the six largest crypto heists in history, where billions of dollars' worth of digital assets were stolen:
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1. Mt. Gox – $450 Million (2014) 💻💣
The infamous Mt. Gox hack remains one of the most significant events in cryptocurrency history. Once handling 70% of all Bitcoin transactions, the Japan-based exchange was hacked in 2014, resulting in the theft of 850,000 BTC (around $450 million at the time). The event caused the collapse of the exchange and sent shockwaves through the crypto community.
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2. Poly Network – $610 Million (2021) 🔒🔓
In August 2021, Poly Network, a DeFi platform facilitating cross-chain transactions, was hacked for over $610 million worth of cryptocurrency, including Ethereum, Binance Smart Chain tokens, and others. In a surprising turn, the hacker, who claimed to be "ethical," returned the stolen funds after the massive breach made global headlines.
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3. Coincheck – $530 Million (2018) 💸❌
In January 2018, Japanese cryptocurrency exchange Coincheck was targeted by hackers who made off with $530 million worth of NEM tokens. It remains one of the largest thefts in the crypto space. The hack exploited the exchange's poor security practices, and the stolen funds were never fully recovered.
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4. Ronin Network – $625 Million (2022) 🕵️♂️📉
The Ronin Network, a blockchain tied to the popular play-to-earn game Axie Infinity, suffered a devastating hack in March 2022. Hackers compromised validator nodes, stealing $625 million worth of Ethereum and USDC stablecoins. The theft deeply affected the gaming ecosystem and raised concerns about the security of blockchain bridges.
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5. Bitfinex – $72 Million (2016) 🔥🏦
In August 2016, Bitfinex, a popular cryptocurrency exchange, was hacked, and the attackers stole 119,756 BTC, which was worth around $72 million at the time. While Bitfinex reimbursed its users, the stolen Bitcoin has since increased in value to billions, making it one of the largest thefts in terms of present-day value.
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6. KuCoin – $280 Million (2020) ⚔️💼
In September 2020, hackers stole $280 million worth of cryptocurrency from the Singapore-based exchange KuCoin. A wide variety of digital assets were taken, including Bitcoin, Ethereum, and several ERC-20 tokens. Fortunately, thanks to collaboration with other exchanges, a large portion of the stolen funds was recovered.
Conclusion:
These crypto heists serve as a stark reminder of the vulnerabilities in the digital asset space. While blockchain technology offers security through decentralization, centralized exchanges and DeFi platforms are still frequent targets for hackers. Security in crypto is paramount, and these incidents highlight the importance of strong security practices and vigilance in the ever-growing crypto market.
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