Cryptocurrency Hacks Of All Time
When it comes to the privacy, finances, and other assets of internet users, cyber security is an epidemic that must be addressed properly.
While Bitcoin has rapidly gained acceptance as a safe place to store value, there are documented cases of hackers breaking into user accounts and making off substantial sums of money.
How safe a wallet is from backdoor access by potential intruders is a key factor in determining the platform’s overall security.
So, in today’s piece, we’ll discuss the most devastating cryptocurrency breach in history, which resulted in the theft of millions of dollars and other valuables.
Ronin Network Cryptocurrency (Axie Infinity)
The Axie Infinity attack is the most prominent and recent crypto hack. The corporation issued a statement on its website to confirm a security breach had occurred on its platform, resulting in a loss of around $620 million.
The Ronnie network is a decentralized platform for online crypto games that is distinguished by its ability to transform visual content such as photos and creatures into NFTs.
Using a vulnerability in the company’s validators node, the hackers were able to steal nearly $630 million in just two transactions.
United States Treasury Department analysts eventually determined that the Lazarus gang in North Korea was responsible for the hack.
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On March 29th, a network penetration known as Ronnie occurred, and it is widely considered the greatest hack in the history of cryptocurrencies.
Poly Network Cryptocurrency
In August of 2021, the Poly network was hit by a cyber attack launched by hackers looking to exploit a known security hole in the infrastructure.
They stole $600 million at first, and then they locked $200 million in a private network that could only be accessed by validating the Poly network and the hacker’s password.
The corporation caught on to the drama unfolding, froze most of these accounts to prevent further withdrawal, and now has to negotiate with the hackers to meet their demands.
The hackers have said that they will release the assets in exchange for $33m USDT. Poly Network initially rejected the terms but eventually begged the hackers to release the funds in exchange for $500,000 for uncovering the platform’s flaw.
The business went a step further by extending job opportunities to the hacker team.
Poly Network uncovered the issue’s origin when it identified the company insider who provided the hackers with access to the platform.
Coincheck Hack Cryptocurrency
Hackers compromised the website security of the Japanese firm Coincheck.
About $530 million worth of the company’s XEM (NEM) coins were stolen. One vulnerability that was used by the hackers was the company’s use of a “hot wallet,” or an online storage solution for cryptocurrency.
Most of this bounty’s stolen coins were subsequently sold on the underground market.
Though the company’s developers eventually exposed the attack’s origin, the damage had already been done; the coin’s value had dropped to less than 20% of what it had been before 2018.
MT GoX Hack Cryptocurrency
This was not a quick job; the hackers were able to steal for more than four years without ever withdrawing any money.
There is still debate about whether or not this attack was indeed the greatest exchange heist, but it is certainly within the top ten in terms of the total amount of Bitcoin stolen from an exchange network.
While this plunder was valued at over $470 million in 2014, current estimates place its value at above $5 billion.
As a result of this cyber attack, the company had to shut down and its services were discontinued.