Top 3 Largest Crypto Hacks in History & Why Is It Important To Keep Your Crypto #SAFU

Dec 9, 2019 · 2 min read

Back in 2008, when Bitcoin was coined, cryptocurrencies were deemed as providing a safe and secure means of financial transactions. It still is. Almost crypto coins have a distributed ledger, called Blockchain at the core of their operation. Blockchain is a distributed decentralized ledger, that traces transactions with no need for financial middlemen like banks.

Nevertheless, now and then crypto hacks make the news, primarily dealing with the dubious nature of crypto exchanges and asset security. Below we have covered the top three crypto heists in history.

$72 million hack on Bitfinex

Among bitcoin exchange thefts, the Bitfinex platform comes in a strong second place. As reported in August 2016, about 120,000 coins were theft from users’ accounts. In terms of value, the loss cost $72 million at that time. Somehow, hackers got access to the multi-signature accounts of the platform’s users and sent the coins to an unknown account.

The truthful reasons of the hack are not known to date and Bitfinex still denies its mea culpa in what happened.

$487 million hack at Mt. Gox

Back in 2014 the crypto exchange Mt. Gox. was attacked by thieves, who stole an estimated 850,000 bitcoin, worth $460 million at the time. Interestingly, the theft was not a one-time shot against the platform. As it turned out later, the crackers had been skimming crypto from the platform for years! The hack made history as the most high-profile scam in crypto history.

$534 million scam at Coincheck

The price for the largest crypto hack in history goes to Japanese cryptocurrency exchange Coincheck, which was hacked for $534 million in total value. The platform used the wallets, which were connected to the global network. As the company stated later, they could not expect hot wallets represented any jeopardy to the safety of users’ funds. Well, in the long run, the inertia threw a low-down trick with the exchange owners.

As it stands, asset security is the most sought-after feature among crypto platforms these days. This is why CGift has made sure users hold their assets in a super-secure open-source CGift Wallet currently available for iOS. With CGift Wallet, you can have peace of mind, the crypto redeemed from the CGift Card will stay secure and untouched until you decide to withdraw it.

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