Notably, technology has helped the ecosystem in many ways, providing the community with better accessibility and fast-paced services in making life easier. However, hacks and data breaches occur almost daily and that is one of the downsides in this era.
Furthermore, in the cryptocurrency world, every data is stored on the platform where, despite the decentralization of information where hacking is made difficult for hackers, it still possesses a high risk in being a target of these illicit activities. The value of the digital currency that has been proven to be increasing by day makes it even more tempting for the hackers to breach their way in and steal as many prized possessions as they can.
In the crypto world, there had been various hacks occurred resulting in billions of losses within the community. Below are the 3 worst hacks in the history of cryptocurrency, causing agitation among traders and investors until this very date.
Mt. Gox
The first-ever crypto hack happened to Mt. Gox, a Japan-based exchange which has been attacked twice since 2011. The first attack took place when a hacker had obtained the auditor’s credentials and transferred Bitcoins to an untraceable address. The second attack occurred in 2014 when the platform lost 850,000 Bitcoins valued at $460 million at the time of theft. Value of the lost Bitcoin has now reached over $7 billion. The company then filed for bankruptcy and ended its operation after that.
Bitfinex
One of the largest Bitcoin exchange platforms, Bitfinex has been attacked multiple times in the past with the first one occurred in 2015 with the loss of $400,000. Next attack then took place in 2016 when the exchange lost 119,756 Bitcoins with current worth over $1 billion. Despite their multi-signature system, hackers were still managed to penetrate the system making Bitfinex one of the biggest hack victims worldwide.
Binance
Another best-known cryptocurrency exchange platform, Binance had succumbed a security breach and lost Bitcoins worth $40 million, and the hackers also stole some users 2FA code and API tokens.
In conclusion, with the market of cryptocurrencies growing at a fast pace and more people are moving towards investments, users need to be wary and choose the right platforms for trading. Before investing, one should be careful about the risks involved. Besides, users may also want to have a more secure cold wallet for the coins to be kept at one responsibility.
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