As traders and investors look to profit from digital assets, the use of cryptocurrencies has dramatically grown over the last ten years. But there are security risks connected to cryptocurrencies, just like with other investment kinds. Our examination of 9 recent cryptocurrency attacks in this blog post will emphasize the importance of taking the proper security precautions when investing in digital assets. https://hubntech.com/2023/03/18/the-evolution-of-the-stock-exchange-in-the-usa-embracing-technology-and-battling-challenges/
The top 9 Hack you need to know About!
1. Hacking Mt.Gox (2014)
In one of the most well-known cryptocurrency hacks, Mt.Gox, a Bitcoin exchange with headquarters in Tokyo, lost 850,000 bitcoins in 2014: at the time, they were worth about $450 million. The leak was cause by a security hole that hackers had been using for years to their advantage, which ultimately led to the failure of the exchange.
2. Bitfinex Exploit (2016)
When 119,756 bitcoins were stolen from the Hong Kong-based cryptocurrency exchange Bitfinex in August 2016, they were valued at about $72 million. The assault, which was bought on by a security flaw in the multi-signature wallet architecture used by Bitfinex, resulted in a 36% decline in the price of bitcoin.
3. Hack DAO (2016)
The decentralized autonomous organization (DAO), which was great on the Ethereum blockchain, operated as a venture capital fund for the cryptocurrency industry. In June 2016, a hacker who exploited a flaw in the DAO’s smart contract design stole ether, the cryptocurrency used on the Ethereum blockchain, valued at almost $50 million. The Ethereum Blockchain enabled the Ethereum Classic as a consequence of the hack.
4. Parity Wallet Exploit (2017)
In July 2017, a bug in the Parity multi-signature wallet system resulted in the loss of ether valued at close to $30 million. The hack, which was the second major security breach to affect the Parity wallet platform that year, Promoted debate among Ethereum users about the security of multi-signature wallets.
5. Coincheck Exploit (2018)
It was stolen along with NEM, a lesser-known cryptocurrency, and about $350 million value of it. When, in January 2018, the Japanese bitcoin exchange Coincheck was breached. At the moment, the attack represented the largest Bitcoin theft in recorded history. This led to increased security of Bitcoin exchanges in Japan and other nations.
6. Hack for Bithum (2018)
In June 2018, Digital Currency worth about $30 million was stolen as a result of a breach in the south Korean cryptocurrency market Bitumb. The breach affected the Bithumb exchange that year twice, both times due to serious security flaws. Showed the need for tighter security measures on cryptocurrency platforms
7. BitGrail Exploit (2018)
The Italian bitcoin exchange BitGrail was compromised in February 2018. Resulting in the theft of Nano, a lesser-known cryptocurrency that was a $195 million market worth. The assault brought up corners about the safety of lesser cryptocurrency exchange. This caused the developers of BitGrail and Nano to engage in civil litigation.
8. Hack, Zaif (2018)
In September 2018. A hack on the Japanese cryptocurrency exchange Zaif resulted in the theft of digital money valued at about $60 million. The attack was the third sizable security breach that year to affect a Japnese bitcoin platform increasing government and regulatory inquiry
9. Hack Cryptopia (2019)
A New Zealand- based cryptocurrency market 2019 January. A $16 million with of digital money was stolen as a result of the Cyptopia hack. The breach was bought on by a security flaw in Cryptopia’s wallet system. And as a consequence, the exchange was forced to close.