Cryptocurrency is a digital-based currency where security is the main part to follow. Cybercriminals are emerging rapidly in today’s crypto world. Yet, it is crucial to safeguard your digital currency. Hacks and data breaches occur almost every and now. People faced many losses due to the lack of translation and breach of data. There are many crypto hacks incidents that affect the users who invested in cryptocurrency. Due to the hacks and thefts, the popularity of cryptocurrencies is created to protect users through different algorithms. Hackers can hack the biggest companies in the digital currency world, thus you need to be safe. We will look at some of the biggest cryptocurrency hacks below.
Jed McCaleb is a programmer who has created Mt. Gox to use as a video game card exchange. He switched to dealing with cryptocurrencies and sold the site in 2011 just after getting failed in transactions. Then the site was purchased and revamped by Mark Karpeles. He was a crypto enthusiast from Japan who created the most popular Bitcoin exchange platform. Unfortunately, the company was hit by a slew of other cyber-attacks too. The first was in June 2011 and hacked several bitcoins. This breach resulted in many lawsuits.
It is a very well known name in the market of cryptocurrency exchanges. Binance is involved in cryptocurrency, research, education, and charity. Still, the exchange has been harmed by the hackers and affected the company. Thousands of bitcoins were hacked from the hot wallet. The attackers broke into the bank’s security systems and obtained sensitive data such as two-factor codes, APIs, and other details. The lost BTC were traced back to a single digital wallet through some algorithm.
No matter, safeguarding your crypto platform is very much important. Technical issues and human error are the reasons why the cryptocurrency exchange was hacked. This hack occurred in 2012. The hacker gained access to the servers, resulting in the loss of thousands of BTC. By using backup keys, the hacker has accessed the customers’ accounts and transferred their funds to another anonymous wallet. The lapses in the conversation were easy to spot. Their Bitcoin funds are stored in their entirety in an online wallet rather than offline which was a mistake done by the organization. Despite this, Bitfloor was forced to close due to regulatory measures. The lost bitcoin has been refunded to the users by the organization.
It is a cryptocurrency exchange based in Japan. It is regarded as one of the top 20 markets in the world. Bitcoin and Ethereum are among the cryptos available on the crypto exchange. Cybercriminals hacked the account in 2018. It was the biggest crypto attack in history has been confirmed. Coincheck has been broken through deposits and withdrawals. Many of the users have lost their BTC and suffered the loss. An investigation has been done to examine the culprit. As per the investigation, the hackers used a phishing attack to gain access to hot wallets.
We hope this guide to the biggest cryptocurrency hacks has helped you out. Several hacks have been hacked by cybercriminals in the last few years that affected digital currency. Also, there is no such thing as safety in cryptocurrency exchange. However, instead of collecting your Bitcoin on these centralised exchange platforms, you can reduce your risks by needing to store it in a cryptocurrency wallet. Also, do your research and be authentic while sharing your personal information. Try not to share any personal information with third-party apps. All the necessary precautions should be required while investing in digital currencies.