July 18, 2024

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The Largest Cryptocurrency Hacks So Far

2 min read

One of the obstacles to the mainstream adoption of digital currency has been hacking. Some high-profile thefts have occurred on various cryptocurrency exchanges and platforms, deterring investors from putting their money in them.

It has been argued that blockchain projects are secure, but attacks over the years have demonstrated that this is only partially true. Over $3.8 billion worth of cryptocurrency was stolen from users in 2022, according to blockchain data platform Chainalysis. Take a look at some of the largest crypto hacks to date.

Key Takeaways

  • Hacking remains a major barrier to cryptocurrency adoption.
  • Cryptocurrency exchanges are a major target for hackers, with over $3.8 billion stolen in 2022.
  • The first major exchange to suffer from a hack was Mt. Gox, which lost 7% of all bitcoins at the time.
  • Decentralized finance applications and smart contracts are also a favorite target for hackers.
  • Some of the most important safety rules for long-term investors are keeping cryptocurrencies offline if you are not actively trading or spending them and not using custodial accounts unless they provide insurance.

Ronin Network: $625 Million

The largest cryptocurrency hack to date was conducted in March 2022 and targeted the network that supports the popular Axie Infinity blockchain gaming platform. Hackers breached the Ronin Network and made off with around $625 million worth of Ethereum and the USDC stablecoin. The U.S. officials said that a North Korean state-backed hacking collective, Lazarus Group, was linked to the theft. Binance recovered $5.8 million of the stolen funds a month later, but it would still be the largest hack in history as of Dec. 2, 2023.

Poly Network: $611 Million

In August 2021, a lone hacker pounced on a vulnerability in the Poly Network decentralized finance platform and made off with over $600 million. The project’s developers issued an appeal on X (formerly Twitter) for the stolen funds, which included $33…

2023-12-02 17:22:03

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