Top-10 the most daring snatches of cryptocurrency in history

It’s hard to deny that the word cryptocurrency blend with our day-to-day life. Last year we with our hearts being tugged monitored the rise and fall of Bitcoin. Numerous people were tearing their hair out remembering how they have tanked their bitcoins when this cryptocurrency has been almost worthless.

This year Forbes at first in its history included in the list of wealthiest people in the world billionaires who made a fortune in cryptocurrency. But cryptocurrency is not always a launch pad for getting filthy rich in a short time it can burn down all your investments as well because of inadequacies of exchange security system. Here is a look at the ten most famous breaches.

February 2014: Mt. Gox lost 473 mln dollars in bitcoins

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It was the first huge money loss on a cryptocurrency exchange. We say loss instead of theft because details of the incident are still unclear. At first Mt. Gox announced missing 850000 bitcoins. Since then 200000 bitcoins have been mysteriously found. Nobody could provide a clear picture of what could happen to money – theft, fraud, mismanagement, or a combination of these – but the fact is, customers of the Mt. Gox cryptocurrency exchange have lost almost half a billion dollars. This has resulted in numerous lawsuits against the exchange which led to its bankruptcy before the end of 2014.

June 2016. An anonymous decentralized organization was hacked

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Hackers stole 50 million dollars in ethereum from online wallets as a consequence of the critical security vulnerability in the organization’s code. This led to the Ethereum blockchain split into Ethereum and Ethereum Classic.

July 2016. Website was hacked - how to block cryptocurrency mining adlock
Within a month of the theft listed above a blockchain-based social web Steem was hacked. Hackers stole all money from all the 260 accounts. The theft total was about one million dollars.

August 2016. A cryptocurrency exchange Bitfinex was hacked

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A summer of cryptocurrency break-ins culminated in the one more grand theft. Hackers broke into the one of the most famous exchanges Bitfinex and according to various estimates stole from customers’ accounts between 65 and 72 million dollars in bitcoins. All money was stolen from online wallets with multilevel protection.

July 2017. CoinDash was hacked

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CoinDash break-in is different from anything listed above because it was not an actual break-in, it was more like a fraud. Hackers sent letters on behalf of the company allegedly attracting funds within ICO. Long story short hackers fled away with totals of 7 million dollars or 45000 in ethereum terms. Surprisingly, but hackers returned part of the funds, 10000 ethereums last September and 20000 ethereums this February.

July 2017. Parity was hacked

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Hackers discovered a vulnerability in Parity online wallet and gained access to funds raised within ICO for several blockchain projects: Edgeless, Casino, Swarm City and Aeternity. In total intruders stole 32 million dollars in ethereum.

July 2017. Veritaseum was hacked

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Another one July’s break-in was not original. Hackers used a well-established-pattern of gaining access to the online wallet with attracted ICO funds. Theft cost investors 8 million dollars.

August 2017. Enigma break-in

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Preparatory to money theft hackers made up a sham page of general manager of the project and sent a mailing on behalf of his name for raising funds. They were able to raise a relatively small total of half a million dollars in ethereum.

November 2017. Tether was hacked

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The company reported that because of vulnerability in the system hackers stole 31 million dollars in Tethers from online wallets. Tether cryptocurrency has the same weight in cryptocurrency world as the dollar has in the world economy, meaning a theft from Tether was a high-profile case. Nevertheless, just like in the case of Mt. Gox, details of this crime are still unclear.

January 2018. Coincheck break-in

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It is the latest high-profile cryptocurrency exchange break-in scandal. Hackers stole a record 530 million dollars from customers’ accounts. This case even took Japanese government attention prompting it to strengthen the control over the cryptocurrency exchanges. So far, it’s the grandest break-in in cryptocurrency history.

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Kostya Shebanov

Kostya Shebanov

Product Owner at Hankuper s.r.o., Proud dad.!!! Led by knowledge, insight, and a pool of fresh ideas, Kostiantyn is a spectacular example of an inexhaustive leader. Outside of business, he is an energetic outdoorsman loving to hang out with family and friends. He doesn’t shirk to share his knowledge in the AdLock blog, so stay tuned.