Here are the Top Cryptocurrency Hacks So Far
The attack on South Korea’s Bithumb exchange, one of the most recent hacks in the cryptocurrency world, resulted in the theft of $30 million in digital tokens. This was one of the most significant thefts of this type this year, but it was far from the only one.
Even as cryptocurrencies have risen in popularity and security mechanisms supposed to safeguard clients and exchanges have become more sophisticated, hacks and thefts have continued to occur. When a service as large as Bithumb, South Korea’s largest cryptocurrency exchange, is targeted, it demonstrates that even the biggest participants in the digital currency market aren’t always protected. We’ll look at some of the biggest cryptocurrency attacks so far this year in the section below.
Bithumb: $30 Million
According to Coin Telegraph, Bithumb was hacked on June 19, and roughly $30 million in tokens were taken. Despite the exchange’s assurances that clients’ wallets will be unaffected and that any lost bitcoin will be refunded, Bithumb has not been spared. Indeed, Bithumb, which was once the world’s sixth-largest exchange by trade volume, has subsequently fallen to tenth place. The hack targeted Bithumb’s hot wallet, a less secure storage mechanism than a cold wallet system.
Coinrail: $37.2 Million
There was Coinrail before Bithumb. Just over a week before Bithumb, a rival South Korean exchange, was hacked. The theft totaled $37.2 million in digital currency, with the majority of tokens stolen being Pundi X and Aston coins. In the immediate aftermath of the breach, Bitcoin lost approximately 11% of its entire value, while it is unclear to what extent the Coinrail breach contributed to this change. For the time being, the exchange is closed to rectify the damage caused by the breach; it hopes to return later this month.
BitGrail: $195 Million
In early February, the Italian exchange BitGrail was hacked, with team members claiming that $195 million in the token nano was stolen. However, according to CoinTelegraph, there is still some doubt about the hack; the blame might go on BitGrail creator Francesco Firano, the nano development team, or hackers.
Coincheck: $534 Million
In January of this year, the Japanese exchange Coincheck was hacked, losing 523 million NEM coins worth $534 million. The theft was once again perpetrated with a heated wallet. The Coincheck attack was much bigger than the Mt. Gox attack, according to NEM Foundation president Lon Wong, who called it “the largest theft in the history of the planet.”