Top 5 Crypto Heists Ever: In recent years, cryptocurrency has caught the attention of every investor. Because Bitcoin did so well in 2017 on its own, investors became quite sure that it could grow. And because of this, people’s trust in the Crypto market grew over time. But the problem is that cybercriminals try to take advantage of anything that starts getting attention online.
As time goes on, this market gets more valuable, and cybercriminals want to get their hands on it. They use different ways to commit these crimes, which shows that we should be careful in this market. This blog will tell you about the biggest Cryptocurrency thefts ever.
Various Ways to Crypto Heists
The Blockchain network is used to check or record every transaction in this market. Any trusted Crypto exchange can be used to buy or sell these digital currencies. Cybercriminals can attack the system because these transactions happen in large numbers and are done anonymously.
The Cryptocurrency market is full of uncertainty and easy to hack. Over time, there have been different kinds of cyberattacks on the exchanges. This is –
Phishing
Cybercriminals use this method to try to get into any platform for Cryptocurrency by stealing all the login information. Like most other systems, they can also use the login information to get into personal accounts.
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Exchange Hacks
These are hacks from outside the Cryptocurrency exchanges that take advantage of other weaknesses. Misconfiguration vulnerabilities are often used for this kind of theft.
Engineering Society
By doing this, the scammers can get you to believe them and get you to send a lot of Crypto to their wallets. They set up a trap, and many investors fall for these cons.
51% Vulnerabilities
Cybercriminals get access to more than 50% of the hashing power of the Blockchain. This is also called a majority attack. In this case, they take control of the network and can do things like reverse transactions or double-spends!
The Biggest Crypto Heists Ever The cryptocurrency industry is vulnerable to these kinds of cyber attacks and has a lot of similar problems. But the 5 biggest thefts in history are:
MT.GOX
This big theft of Cryptocurrencies happened in January 2014. Back then, it was one of Japan’s most successful places to trade crypto. But in the first few months of that year, someone stole Crypto from this exchange. MT.GOX lost Bitcoin worth about 416 million USD in this theft.
During the investigation, it was found that the exchange didn’t have very good security. Also, it was thought that hackers had help from people who worked on the platform.
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Coincheck
This is seen as one of the biggest hacks of a cryptocurrency exchange ever, and it happened in January 2018. The laptops of the people who worked on this platform were infected with malware, which spread like a virus. There is a good chance that phishing emails were used to spread this virus.
Once the hackers were able to get into the laptops of the employees, it was easier for them to get their hands on the private keys to the platform. The theft of this platform is likely to cost about 53 million USD. Also, in 2020, there was another data breach on this same platform.
BitGrail
This is a Cryptocurrency exchange in Italy, and in February 2018, a Cryptocurrency was stolen from it. It lost about 179 million dollars in theft, and these kinds of thefts are fraud disasters. The owner of this platform was said to have had something to do with the theft.
When the police looked into the case, they said it wasn’t clear what the owner thought about the theft. The police don’t know if he was helping to steal or just ignoring strict security measures.
KuCoin
This platform lost about 281 million USD in total during the 2020 heist. But it froze the digital assets and got back the coins that were stolen. The owner says that this is how the hackers were able to get the private keys. Also, it is thought that someone on the inside helped the group of hackers.
The PolyNet
This was the last robbery that happened last year. This is also not a network; it is a DeFi protocol. This heist was possible because of how poorly the access rights between smart contracts were managed. Even though 611 million USD was taken, the whole amount was given back.
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The Conclusion
Since the market has value in and of itself, cybercriminals and Crypto Heists are drawn to steal from it. To protect the platform, the exchanges must have strict security measures and other systems.
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