Biggest Blockchain Hacks and Cryptocurrency Thefts

Adekunle Joshua

Blockchains were once thought to be impenetrably secure due to their decentralized nature. However, recent incidents have shown that some systems are not as secure as believed

Crypto thefts have become big business, with $3.8 billion worth of tokens stolen in 2022 alone

Decentralized finance (DeFi) protocols have been a major target, with about 80% of stolen tokens coming from DeFi platforms.

Cross-chain bridge protocols, which facilitate asset exchanges across different blockchains, have been particularly vulnerable

Mt. Gox, the now-defunct crypto exchange, was one of the first major hacking victims. It suffered multiple attacks, resulting in the loss of thousands of bitcoins, including 750,000 bitcoins worth $473 million in 2014

Binance, one of the largest crypto exchanges, fell victim to a hack in late 2022. Hackers exploited a smart contract bug, leading to losses of around $570 million in Binance Coins (BNB) via the BSC Token Hub

FTX, a prominent cryptocurrency exchange, faced a devastating theft in November 2022. Thieves stole over $600 million from FTX's wallets on the same day it filed for bankruptcy.

The largest crypto hack to date occurred when $625 million in Ethereum and USDC were stolen from the Ronin Network, an ecosystem associated with the Axie Infinity blockchain gaming platform. The attack was attributed to the North Korean Lazarus Group

The Poly Network, a DeFi platform, experienced a major attack in 2021. A hacker exploited a vulnerability, resulting in the theft of $611 million worth of various tokens

These incidents highlight the importance of securing crypto assets and being cautious when participating in blockchain ecosystems