Hacking has plagued cryptocurrency markets, with billions stolen from exchanges and platforms over the years. Here’s a detailed look at the most devastating crypto hacks to date, their methods, and their aftermath:

💣 1. Ronin Network – $625 Million

  • Date: March 2022

  • What Happened: Hackers targeted the Axie Infinity blockchain gaming platform's Ronin Network, stealing $625 million in Ether and USDC.

  • Perpetrators: North Korean Lazarus Group.

  • Outcome: Sky Mavis recovered $5.7 million, but it remains the largest crypto hack in history.

💣 2. Poly Network – $611 Million

  • Date: August 2021

  • What Happened: Exploited vulnerabilities in the Poly Network’s DeFi protocols.

  • Unique Twist: The hacker began returning the stolen funds, claiming they targeted the platform “for fun.” Around $300 million was recovered.

💣 3. Binance BNB Bridge – $569 Million

  • Date: October 2022

  • What Happened: Hackers exploited the BSC Token Hub, a cross-chain bridge, to mint 2 million BNB.

  • Method: A bug in the smart contract enabled the breach, sparking major security concerns for blockchain bridges.

💣 4. Coincheck – $532 Million

  • Date: January 2018

  • What Happened: The Japanese exchange suffered a breach of its hot wallet, resulting in the theft of 523 million NEM coins.

  • Impact: Coincheck survived but was acquired by Monex Group after the incident.

💣 5. FTX – $477 Million

  • Date: November 2022

  • What Happened: As FTX filed for bankruptcy, hackers stole $477 million from the exchange.

  • Impact: Wallets showed $0 balances, and FTX apps were flagged as malware.

💣 6. Mt. Gox – $473 Million

  • Date: Multiple incidents, notably 2014

  • What Happened: The exchange lost nearly 850,000 bitcoins (worth $473 million at the time) due to repeated attacks.

  • Legacy: This infamous hack exposed significant vulnerabilities in early crypto exchanges.

    #COSSocialFiRevolution #Write2Earn! #ETHETFsApproved #Megadrop #MemeWatch2024