Munzir HakimiTable of Contents
Overview of Crypto Hacks
Cryptocurrency exchange Bybit recently suffered a staggering loss of over $1.4 billion due to a hack on February 21, marking teh largest breach in the history of cryptocurrency. This incident accounted for more than 60% of all stolen crypto funds in 2024, according to Cyvers data.While hacks and scams have plagued the industry, legitimate uses for cryptocurrencies are growing rapidly.
Despite this growth, hacking remains prevalent as crypto prices rise. By mid-2024, cumulative losses from hacks reached $19 billion according to Crystal Intelligence. Below is an overview of some significant hacks that have occurred in the crypto space.
Major Crypto Hacks
Bybit Hack
The Bybit hack stands out as the most significant theft in cryptocurrency history,with over $1.4 billion stolen on February 21,2024. This event has raised concerns about security within exchanges and highlighted vulnerabilities that hackers exploit.
Ronin Network
Before Bybit’s breach, Ronin Network was targeted in March 2022 for over $600 million worth of Ether and USD Coin (USDC). The attack was attributed to Lazarus Group linked to North Korea.
Poly Network
In August 2021, Poly Network experienced a major exploit were hackers stole more than $600 million across multiple chains but later returned most funds except for $33 million.
Other Notable incidents
BNB chain Bridge
In October 2022, BNB Chain lost approximately $568 million due to an exploit involving its crosschain bridge technology.
Coincheck Incident
One of the earliest notable hacks occurred at Coincheck in early 2018 when hackers stole around $534 million worth of NEM tokens by exploiting security weaknesses within their hot wallet system.
Final Thoughts on Security
The ongoing threat posed by hacking incidents continues to challenge trust within the cryptocurrency sector despite its legitimate applications growing faster than illicit activities. As these breaches highlight vulnerabilities across platforms like Bybit and others mentioned above, it becomes crucial for exchanges and users alike to prioritize security measures moving forward.
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