Top 7 Crypto Hacks That Shake the Digital World | and Dwarf AI | July, 2022

Safe and sound

Although cryptocurrency is known for its openness, hackers are also known to point out platforms and changes in order to use them. Even if the changes make some restrictions to protect their assets, the attackers can still go to their defense.

Changes are often delayed because they are often found in open-source code files. Because a single breach can result in the theft of the assets of thousands of customers, criminals often seek cryptocurrency exchanges. As independent operations become more difficult, additional safety measures are needed.

We’ll look at the 7 biggest cryptocurrency thieves from this year in the sections below.

1. BINANCE: The biggest name of 2019 to hit

One of the most popular brands in the industry is Binance. The Cayman Islands exchange is the largest cryptocurrency exchange in the world (by and large). More than 360 different cryptocurrencies are available on exchange, operating in more than 1200 markets.

Binance also said he has created a complete ecosystem for cryptocurrency trading, research, education, and philanthropy. The switch, however, had a serious security crisis in May 2019.

Image source – binance

2. KuCoin 2020 – The latest attack

Singapore is home to the KuCoin cryptocurrency exchange. It was founded in 2013 and sells several cryptocurrencies, including Ardor, Litecoin, Ethereum, and Bitcoin. It was launched in September 2020, and the thieves were able to take about $ 281 million in cash and tokens.

In addition, some of the most popular wallets on the market have been stolen by hackers. Although KuCoin quickly eliminated all online transactions, the disaster did occur. One of the biggest breaks in the history of cryptocurrencies is this.

Image Source-KUCOIN

3. Mt. Gox (2011) – The first major hack in the cryptocurrency industry

Mt. Gox is a cryptocurrency exchange based in Tokyo, Japan, founded in 2010. It previously held the title of the largest cryptocurrency exchange in the world, accounting for more than 70% of transactions. bitcoin worldwide. The exchange took place in 2011 and brought bitcoin to $ 8.75 million.

The change promised to strengthen its safety practices, but in 2014 it got a new attack. It is now done in a much larger way. About 850,000 bitcoins ($ 615 million) were stolen. They did this by pouring large amounts of counterfeit bitcoins into the exchange. One of the first serious security breaches in the bitcoin world was this

Photo source -mt Gox

4. Upbit (2019) – The hack used a single client

A cryptocurrency exchange called Upbit was launched in 2017. Despite its origins in South Korea, the cryptocurrency has gained worldwide popularity. In terms of day -to -day operations, it has really won over Bitcoin as the world’s largest cryptocurrency by 2018.

However, a serious cyberattack was expected to change in November 2019. In just one transaction, thieves involved in the change and stole more than $ 45 million.

5. Bitfinex hack (2016): Distribution of losses

In 2012, Bitfinex, a cryptocurrency exchange with headquarters in Hong Kong, was founded. Administered by iFinex Inc., a company that also operates stablecoin Tether. Hackers entered the cryptocurrency exchange in 2016 and stole more than $ 60 million in cash.

After the hack, Bitfinex was able to search for certain assets and offer its customers a fair price. Each user received a fair share of the costs of the attack.

U.S. officials were able to recover a portion of the money in 2019 and spotted some of the hackers. It is known that the attack was carried out by two Israeli brothers. Officers immediately arrested them and charged them with violating cybercrime laws.

6. Cryptopia 2019: The strange case of two attacks

Image source -Cryptopians

Cryptopia based in Christchurch in 2014 is based in New Zealand. The switch received a major strike in January 2019 that resulted in total losses of $ 15.5m. The director calculated the impact of the theft on more than 9% of his total holdings. The attack was serious and the change would have to be completed as a result.

7. ZAIF (2018) – The last seen attack

Zaif was one of the first cryptocurrency exchanges in Japan. It is the first exchange in Japan to have a standard license and has been in operation since 2014. More than 40 cryptocurrencies are available in Zaif. The exchange had a major break in September 2018 when hackers had access to its hotspots.

Although the hack took place on September 14, Zaif could not see him until three days later. The losses totaled more than $ 60 million. After reviewing Zaif’s recovery efforts, Crystal was able to find the money and select the hacker’s wallet with a problem score of 100per cent.

Then came the signing of an agreement with the Japanese banking industry, Fisco. It was able to raise about $ 44.5 million in terms of revenue. The damages suffered by his client were paid for by the use of this money. In the acquisition, Fisco gained the power of change in a major way. As a result, the archive of the exchange and return was rescheduled for April 2019.

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