5 Biggest Cryptocurrency Hacks That Shook the Industry
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5 Biggest Cryptocurrency Hacks That Shook the Industry

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Mt. Gox

Mt. Gox: Mt. Gox, once the world’s largest Bitcoin exchange, lost roughly 850,000 BTC in thefts occurring between 2011 and 2014, then valued near $500 million. The breach exposed weak custody practices, triggered bankruptcy, and left thousands of customers unable to access their funds.

Coincheck

Coincheck: In January 2018, Tokyo-based exchange Coincheck suffered a hot-wallet breach in which hackers stole about 523 million NEM tokens, worth roughly $530 million at the time. The incident highlighted the risks of keeping large customer holdings in internet-connected wallets rather than cold storage.

Poly Network

Poly Network: Poly Network, a cross-chain protocol for moving tokens between blockchains, was exploited in August 2021 for around $610 million. The attacker exploited a vulnerability in the protocol’s smart contracts, though most stolen assets were subsequently returned, making it one of crypto’s most unusual major thefts.

Ronin Network

Ronin Network: The Ronin Network, the blockchain bridge behind Axie Infinity, lost about $540 million to $625 million in March 2022 after attackers gained control of enough validator keys to authorize withdrawals. They took 173,600 ETH and 25.5 million USDC, exposing bridge and validator-security weaknesses.

FTX

FTX: During FTX’s November 2022 collapse and bankruptcy filing, unauthorized withdrawals drained roughly $477 million from customer wallets. The incident compounded an already catastrophic exchange failure, demonstrating that operational insolvency, poor controls, and security failures can strike simultaneously in centralized crypto platforms.

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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.

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