Exploring the Billion-Dollar Crypto Hacks of the Past Decade
Cryptocurrencies have gained attention for their decentralization, transparency, and security. However, there have been attempts to test their vulnerability through crypto hacks.
A recent report has examined the billion-dollar crypto hacks that occurred over the last 10 years, ranking the top 10 in terms of value.
The Report on Billion-Dollar Crypto Hacks
The report aimed to analyze the billion-dollar crypto hacks that took place between 2011 and 2023. It gathered data from various sources to present key statistics on hacker attacks during this period.
One significant finding was that in 2023 alone, there were 297 crypto hack attacks resulting in a loss of $1.89 billion. This equates to an average of $289,000 lost every hour due to cryptocurrency hacks.
However, this figure is lower than the all-time high of $3.5 billion stolen in 284 theft incidents in 2022.
When looking specifically at crypto-exchanges, the worst year for hacking and theft incidents was 2018, with a collective loss of $1.1 billion.
Furthermore, decentralized finance (DeFi) has seen a significant increase in crypto hacks over the past two years.
Overall, from 2011 to the present, crypto companies and exchanges have lost a total of $12.36 billion in 1207 incidents. Approximately 192 crypto-exchanges have been hacked, resulting in a total loss of $3.80 billion.
The cryptocurrencies most targeted by hacks are Bitcoin and Ethereum. These two cryptocurrencies have experienced a combined loss of 1,454,762 BTC and 1,175,082 ETH due to various hacking incidents.
Ranking the Top 10 Robbed Crypto-Exchanges
The reported data also includes a ranking of the top 10 crypto-exchanges that have been targeted by crypto hacks from 2011 to the present.
In first place is Coincheck, a Japanese crypto-exchange that suffered a $534 million hack in January 2018.
Next is Mt Gox, a now defunct crypto-exchange that experienced a $473 million theft in 2014.
FTX, a crypto-exchange that lost $415 million in early January 2023, holds the third position on the list.
Other notable entries include KuCoin ($281 million lost in 2020), Gate.io ($234 million lost in 2018), and BitMart ($200 million lost in ETH and BNB in 2021).
BitGrail ($170 million lost in 2019) and Maiar DEX ($113 million lost in 2022) were also victims of significant crypto hacks.
CoinBene suffered approximately $100 million in losses due to a hack attack in 2019, while Japan’s Liquid crypto-exchange was robbed of $90 million in 2021.
The Biggest Attacks on Cryptocurrencies
In addition to crypto-exchanges, the report also considers other market players, including blockchain networks themselves. It presents a ranking of the ten biggest attacks on cryptocurrencies.
The most significant attack occurred at the Ronin Network (Axie Infinity), where a hacker stole $625 million. This hack took place on March 29, 2022, resulting in the loss of 173,600 ETH and 25,500,000 USDC.
Poly Network’s DeFi cross-chain platform was also targeted in a $600 million hack in 2021. However, the hacker returned all the money and even received a reward and job offer for finding a flaw in the system.
In 2022, Binance Smart Chain lost 2,000,000 BNB worth $566 million due to a hacker attack.
Huobi’s CEX, where Justin Sun is an advisor, was hacked for 5,000 ETH (equivalent to $8 million at the time). The hacker decided to return the stolen amount in exchange for a 250 ETH white hat bonus (worth $400,000 at the time).
Hot Take: The Rise of Crypto Hacks
Crypto hacks have become increasingly prevalent over the past decade. With billions of dollars lost and numerous high-profile exchanges falling victim to hackers, it is evident that security remains a significant concern within the crypto industry. While advancements have been made to enhance security measures, hackers continue to find vulnerabilities and exploit them for financial gain. As cryptocurrencies gain more mainstream adoption, it becomes crucial for individuals and businesses to prioritize robust security practices and stay vigilant against potential threats. Only by addressing these vulnerabilities can the crypto industry thrive without being plagued by constant hacking incidents.
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