Biggest Cryptocurrency Hack Ever in Cryptocurrency History!

Cryptocurrencies are still relatively new. And this innovation is being used for heinous acts like hacking or scamming. Although these types of digital currencies are gaining popularity day by day, hacking has become one of the obstacles in the way of mainstream adoption of digital currencies. Because we've seen some high-profile thefts on various cryptocurrency exchanges and platforms over the years. Nowadays these have become very common occurrences. When high-profile thefts occur on cryptocurrency exchanges and platforms, it deters investors from investing their money.

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Although these include blockchain technology, it is argued that blockchain projects are secure. But to be honest, the big hacks of the past show us that such statements are somewhat untrue. Because attacks over the years have proven that this is only partially true. According to blockchain data platform Chainanalysis, around $3.8 billion worth of cryptocurrency was stolen from users in 2022. Which is a really huge amount and an unfortunate incident. Let's discuss some of the biggest crypto hacks so far:

Ronin Network:

Around 2022, several major hacks took place. That year saw the biggest cryptocurrency hack ever. Hackers breached the Ronin network, targeting the network that supports the popular Axi Infinity blockchain gaming platform, and made off with approximately $625 million worth of Ethereum and USDC stablecoins. Which is the biggest hack in cryptocurrency history till date. Many believe that North Korea's state-backed hacking group, the Lazarus Group, was behind the hack.

Poly Network:

As we know cryptos are still relatively new. And using this opportunity, a hacker stole the equivalent of about $611 million in 2021. A hacker found a vulnerability in the Poly Network decentralized finance platform and subsequently exploited the platform's vulnerability and made more than $600 million. But an interesting thing here is that later the hacker returned about 300 million dollars to the fund of Poly Network. However, the hacker information remains unknown and it is believed that the hacker targeted the network "for fun" or as a challenge.

FTX Exchange:

I shared a content about FTX. It is currently bankrupt. When it filed for bankruptcy, more than $600 million was stolen from its crypto wallet. Such an incident happened in 2022. Many FTX wallet holders found $0 balances in their FTX.com and FTX US wallets after the theft.

Binance:

One of the most high-profile attacks in cryptocurrency history was the theft of Binance's BNB. This theft also happened in 2022. It is a popular exchange site we all know and the Binance exchange was hacked for $570 million. Hackers created and withdrew approximately 2 million additional Binance coins after they also exploited a cross-chain bridge, the BSC Token Hub. A bug in a smart contract enabled the hack, highlighting the need for stricter blockchain security.

Also in 2018, the popular Japan-based exchange site Coincheck was hacked and hackers stole $534 million worth of NEM coins from the exchange site. Also the first major crypto hack occurred in 2011 when the crypto exchange Mt. Gox lost 25,000 bitcoins worth about $400,000. At the time, crypto exchanges handled about 70% of all Bitcoin transactions. Hackers stole around $325 million in 2022 from a decentralized financial platform wormhole.