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In recent years the amount of money that has gone into the Bitcoin and crypto market has been enormous. Combined with a huge bubble and growth took the overall cryptocurrency market’s value up by ten folds.
And this huge rise in value over the past ten years has not only attracted investors hoping they could make a nice investment after a few years of holding. But it has also attracted some bad people, with bad intention.
Namely Bitcoin and crypto hackers.
And unfortunately a lot of them have been successful. And I wanted to share with you all this list of the 10 biggest crypto hacks of all time.
The crypto space has also been full of scams, with OneCoin and Bitconnect being two of the biggest ponzi scams affecting this space.
But in this article I will look into what are the ten biggest crypto and Bitcoin hacks.
10 biggest crypto hacks of all time
So let us explore the 10 biggest hacks that have happened so far in the cryptocurrency space.
1 ) Coincheck – 523,000,000 NEM ($534 million)
This record-breaking crypto hack valued at $534 million, happened to Japanese cryptocurrency exchange Coincheck in January 2018.
This staggering amount is the biggest hack that have ever happened in the Bitcoin and crypto space. Even bigger than the famous Mt.Gox hack.
According to reports, personal computers of staff working for Coincheck was exposed to viruses (that is rumoured to lead back to hackers of Russian origin).
There’s been other reports of North Korea being behind this hack. But according the recent analysis of the virus it is more likely from Russia.
According to reports Coincheck did not use multi-signature wallets or smart contracts securing these huge sums. So the hack was too easily achieved is commonly agreed by security experts.
2 ) Mt. Gox – 850,000 BTC ($460 million)
This is the most famous ever Bitcoin hack. And one that has had huge effects on the Bitcoin and cryptocurrency market for years to come.
The incredible amount of 850,000 BTC was at that point valued at $460 million.
In February 2014 hackers managed to get into the wallets of Mt.Gox the previous biggest Bitcoin exchange, and steal funds to the value of $460 million.
Most of those belonging to users that kept their funds on the exchange. 850,000 BTC would be worth about $8.2 billion today.
Since this famous Bitcoin hack there’s been scandals and lawsuits consitently filling the news but today it has not yet been settled yet. The users that have affected by the hack are still working on getting reimbursed through legal fights.
3 ) QuadrigaCX ($190 million)
Now this affair has like the previous two not completely understood or settled.
It is not really a true cryptocurrency exchange hack, but we thought to include this sad affair still.
The scandal of QuadrigaCX emerged when it became known that the founder Gerald Cotten died while traveling abroad in India in 2019. And not only that, he apparently died with having sole access to the private keys to the cryptocurrency exchange’s wallets.
So over $190 millions in users and exchanges funds were lost, with no one having access to them.
It has later been reported that Cotten had been embezzling the users of his exchange for years. And that he credited his own accounts with millions of dollar which he traded for real funds with users throughout the years.
And no one knows the exact amounts or what exactly happened it is rumored that he embezzled funds to the values of at least $80 million if not much more than that (learn more about Cottens embezzlement).
4 ) BitGrail 15 million XRB ($170 million)
In 2018 the cryptocurrency exchange BitGrail was at the centre of all the attention in the crypto space. When it became clear that owners of the cryptocurrency Nano (then XRB – Raiblocks) that their funds had been lost.
NANO to a value of $170 million was at that point gone and everyone was trying to find out exactly what had happened.
The Italian exchange with its founder Francesco Firano tried to shift blame to the team behind NANO and others. But has since been ordered by the court to repay its users after several events linking back to bad practices. But he has since declared bankruptcy.
5 ) CoinBene ($105 million)
CoinBene was in 2019 exposed to a hack that left the Singapore based cryptocurrency exchange at a loss of about $105 million.
At first, the exchange tried to deny the fact that they had been hacked. And when users of the exchange started suspecting they’ve been hacked CoinBene was trying to say it was undergoing maintenance.
Fast forward a few weeks later until the exchange confirmed in a tweet that in fact they had been hacked.
So about $105 million worth of ERC-20 tokens were stolen from the exchange, including Pundi X (NPXS), Maximine Coin (MXM) Huobipool Token (HPT) and Udoo (UDOO).
6 ) Bitfinex 120,000 BTC ($72 million)
In 2016 Bitfinex was exposed to a serious hack where nearly 120,000 BTCs worth at that ppint $72 million were stolen from the popular crypto exchange.
Bitfinex was at that point of the largest Bitcoin trading exchanges in the world. So it was a attractive choice for hackers.
This massive crypto hack had huge effects on the market, with the value of Bitcoin slumping, with the value of BTC dropping more than 20%
But also it continued to paint the Bitcoin and crypto market in a bad light.
A few years later in 2019, the Israeli Police cyber unit had arrested two Israeli brothers who allegedly was part of the hacker team behind the Bitfinex hack (read more).
7 ) NiceHash – 4,736 BTC ($64 million)
The popular cloud mining was in 2017 hacked and more than $64 million were stolen from the site, and users of NiceHash.
This was a huge hack and it directly came from users funds stored on the platform tied up to various of Bitcoin and crypto mining setups.
After the hack the NiceHash CEO quit, taking part of the blame for the successful breach against NiceHash.
They have since worked on reimbursing the users what was stolen. And at this point in time, they have since reimbursed users up to 82% of the 4,736 worth of Bitcoin that was stolen. And this where it stops.
They announced in December 2019 that they will not be able to complete the reimbursement. And leaving the users out of the remaining missing funds (read more).
8 ) Zaif – 5,966 BTC ($60 million)
In 2018 the Japanese cryptocurrency exchange Zif was hacked, and Bitcoins, Bitcoin Cash and MonaCoins to a value of about $60 million were stolen from the exchange.
The funds were stolen from crypto held in hot wallets.
Since then analysis has been done on where the coins went. And 30% of the stolen Bitcoin still remains in an address associated with the hacker.
And 24% were sent to Binance for exchange and withdrawals.
With the remaining 46% split into small amounts and a number of different addresses. This information has been tracked by BitFury’s Crystal Blockchain Analytics team.
9 ) Upbit – 342,000 ETH ($51 million)
Upbit the South Korean crypto exchange was in 2019 hacked and $51 million worth of ETH was stolen.
The staggering amount of 342,000 Ethers that was stolen from the exchange’s hot wallet was yet another crypto hack that happened in 2019.
Since then some of the funds have been on the move, and later on, $51.7 million worth of ETH was moved between different wallets. With the hacker labeling the transaction with “1337”.
Since then Upbit is still around and has announced an important security update. To make sure this won’t happen again in the future.
10 ) Vircurex ($50 million)
Vircurex was in 2013 hacked twice, which left the exchange at a loss of about $50 million combined.
And after those two hacks which left the exchange without its reserve fund. And Vircurex then moved to freeze all transaction from the exchange.
Leaving the users without access to their money. And still today most of the funds are still locked away from its users on the exchange.
And Vircurex has since been suid by its customers. Demanding access to their funds.
So what should you take away from this? These huge crypto hacks have been very unfortunate. But there are lessons to learn from this.
Well for one the Bitcoin and cryptocurrency market has had some of the world’s biggest ever hacks. This is in itself something astounding and depressing.
And the second takeaway would be that you should really think twice about ever leaving big sums of funds on any exchange for too long.
Are you today holding most of your funds on an exchange?
Then you are sharing your private keys to the exchange. And potentially the hackers to get away with your cryptos. Or even the people running the exchange themselves.
Greed can come from any corner. And so I urge anyone reading this to explore how cryptocurrency wallets work. And then to avoid leaving their funds on an exchange unless 100% secure. And today no exchanges really offer a 100% security to your funds.
Binance is one of few that is saving up a reimbursement fund in the case of hacks. Which has been triggered before. But will it cover bigger hacks in the future?
Find other guides
- Best way to invest in crypto
- Bitcoin investing guide
- Best Litecoin wallets
- Buy IOTA guide
- Gemini vs Coinbase review
Hello and welcome to Go Cryptowise.
My name is Per Englund and I’m a long-term fan and investor and trader of Bitcoin and other cryptocurrencies. I caught the attention of Bitcoin like many other several years ago, but it was first around 2016/2017 that I truly got into cryptocurrencies and blockchain technology.
I have since traded, bought, researched and learnt about this new emerging space to the fullest. When not producing crypto-content I create and design new products and businesses. And I want to combine my business experience with my passion to create meaningful content for all our readers.
And I am bringing this vision to my writing and how Go CryptoWise work.
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Get in touch with me to find out more about Go CryptoWise and what we care about.
BTG Pactual becomes first bank in Brazil to participate directly in the crypto market
Financial institutions have been increasingly keen on being part of the booming $2 trillion cryptocurrency market, with over 13 of the world’s largest banks pushing roughly $3 billion in funding so far, into cryptocurrency. The latest major news came from Brazil.
One of the leading Brazilian investment banks BTG Pactual has been trending within the crypto community. It launched a new platform enabling customers to make direct investments in cryptocurrencies. Ergo, making it the first major financial institution in Brazil to participate directly in the crypto market.
According to local news outlet, The Rio Times,
“…the launch of Mynt, a platform that allows BTG Pactual Digital and BTG+ clients to trade directly, cryptocurrencies such as bitcoin and ether.”
Andre Porthilo, BTG Pactual’s head of digital assets, stated,
“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”
One thing that remained in common with different banks incorporating these tokens is the fact that they have been responding to “demand from our customers who wish to trade crypto.” This news is no different.
BTG Pactual CEO, Roberto Sallouti laid out his plan of action with this development. He opined, “As a new asset class, we will also have content to educate and inform our customers about these assets and the technology.”
Needless to say, Brazil has witnessed an immense amount of crypto traction. That said, regulators too have taken steps to curb illicit activities. As asserted by the CEO, the said bank will be regulated by both the Brazilian Securities Commission and the local central bank. Moreover,
“With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility…”
The said bank had previously incorporated digital assets in previous operations as well. In 2019, it launched its real estate-backed security token ReitBZ. This step was executed post-examining digital assets for a couple of years. Just recently, the bank announced collaboration with Gemini, the U.S.-based crypto exchange. Gemini provided custody services to the first Bitcoin fund issued by a Brazilian investment bank.
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Ethereum NFT Game Sorare Fantasy Soccer Raised $680 Million
Ethereum NFT game Sorare fantasy soccer just raised $680 million and it is now valued at $4.3 billion while launching a US office so let’s read more today in our latest Ethereum news.
The Ethereum NFT game Sorare fantasy soccer raised $680 million and the french startup now plans to expand into other sports as well as to onboard women’s soccer teams and US office. Sorare is an Ethereum-based fantasy soccer game based on NFT trading cards and grew dramatically in 2021 with a rising base and huge trading volume not to mention the new licensed teams in the mix. Today, however, the startup is using the momentum with the announcement of a new funding round.
The $680 million Series B round values the company at $4.3 billion after a $50 million Series A round which was announced back in February and the new series was led by Japanese tech and investment conglomerate SoftBank that has a number of crypto industry dealings through SBI holdings financial services division. Sorare is focused on soccer with players from more than 175 licensed clubs like FC Barcelona, Juventus FC, and Paris Saint Germain FC as some of the most popular. Nicolas Julia, the co-founder and CEO of Sorare said that this week the company plans to expand into other sports and it will open a US-based office in the upcoming months to help “continue to grow with fans and sports leagues.” He continued:
“We have ambitious plans to keep growing Sorare into a sports entertainment giant. The new funding will be used to help us continue to grow a world-class team, expand to new leagues and new sports, and keep improving our experience for users, including shipping a mobile app.”
Dapper Labs’ NBA Top Shot is similar to Sorare, built around NFTs and based on professional athletes. An NFT acts like a deed of ownership to a scarce digital item so in the case of Sorare, it’s a digital trading card that can be purchased and resold with each available in limited quantity. One NFT card can even reach $290,000. Unlike Top Shot, however, Sorare has an ongoing game component and is similar to other fantasy sports in that you can choose your top players each week as well as the leagues with other users. Sorare also has close ties with Ubisoft as it took the accelerator program this year.
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