From Biggest To Worst, Here Are Some Of The World’s Crypto Theft

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Hailed as an alternative to traditional bank-controlled currency, cryptocurrency has evolved from its early days of wild speculative trading. They have made significant gains among traditional companies like IBM, Google, and Microsoft exploring blockchain technologies.

But many blockchain and cryptocurrency technologies are still in their infancy, and they are vulnerable to attacks from hackers who use increasingly sophisticated tools to gain access to crypto wallets.

Here are some of the biggest cryptocurrency heists since 2018:

$ 600 Million: Biggest Crypto Breakout Ever (August 2021)

Hackers exploited vulnerabilities in the decentralized finance platform (DeFi), Poly Network and stole $ 600 million in Ethereum, Binance Smart Chain, and USDC (USD Coin) tokens. Poly Network announced the hack on Twitter and said the vulnerability was between contract calls.

$ 3.6 billion in Bitcoin gone: Case of the Cajee brothers (April 2021)

Raees and Ameer Cajee, two brothers who run Africrypt, a foreign exchange service based in Johannesburg, South Africa, disappeared with $ 3.6 billion in investments. They have been missing since April, when they informed investors of the hack.

$ 24 million: Harvest Finance (October 2020)

An isolated hacker has stolen $ 24 million worth of cryptocurrency assets from Harvest Finance, a DeFi platform that allows users to invest and exploit crypto price swings for small profits. The investigation revealed that the hacker stole $ 13 million in USD coins (USDC) and $ 11 million in Tether (USDT).

$ 150 million: KuCoin platform (September 2020)

The Singapore-based cryptocurrency exchange has detected large withdrawals of Bitcoin (BTC), Ethereum (ETH) and ERC-20 tokens. It is estimated that at least $ 150 million has been stolen, but the CEO said the majority has already been recovered.

$ 200 Million: CryptoCore Hacker Group (June 2020)

An organized hacker group operating in Eastern Europe, CyptoCore is responsible for $ 200 million stolen from various online cryptocurrency exchanges. They have been active since 2018 using the same modus operandi to target exchanges across the world.

$ 50 Million: Upbit Hack (November 2019)

A hacker stole 342,000 Ethereum worth $ 50 million and managed to transfer it to an unknown address. Similar to many crypto thefts, the hacker used the Upbits hot wallet to gain access to their exchange.

$ 37.2 million: Coinrail (June 2019)

The South Korean stock exchange was hacked by thieves who stole $ 37.2 million in digital currency. The bulk of the stolen tokens include the Pundi X and Aston coins. In the process, Bitcoin lost around 11% of its total value.

$ 40 million: Binance hack (May 2019)

The hackers managed to steal 7,000 Bitcoin from the exchanges hot wallet. After investigating the hack, Binance reported that sophisticated phishing methods were being used by hackers.

$ 195 million: BitGrail (February 2018)

Italy-based exchange BitGrail has had $ 195 million in nano tokens stolen. Coin Telegraph has suggested that BitGrails founder Francesco Firano as well as the nano development team may have been responsible for the oversight of security measures.

$ 534 million: Coincheck (January 2018)

Thanks to a hot wallet, the Japanese exchange platform Coincheck suffered an attack where NEM coins worth $ 534 were stolen. One of the most popular cryptocurrency wallets is Hot Wallets, a tool for sending and receiving tokens. Since hot wallets are connected to the Internet, they are inherently more vulnerable to attacks.

(Edited by: Abhishek Jha)

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