5 Biggest Crypto Exchange Hacks of 2019

5 Biggest Crypto Exchange Hacks of 2019

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26. December 2019. by adminBTC
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2019 noticed a lot of giant crypto trade hacks, leading to thousands and thousands of {dollars} stolen per assault. Listed here are 5 of the most important breaches within the final 12 months. Whereas cryptocurrencies are well-known for elevated safety — largely because of the decentralized nature of their underlying know-how — the identical can’t
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2019 noticed a lot of giant crypto trade hacks, leading to thousands and thousands of {dollars} stolen per assault. Listed here are 5 of the most important breaches within the final 12 months.


Whereas cryptocurrencies are well-known for elevated safety — largely because of the decentralized nature of their underlying know-how — the identical can’t be stated for crypto exchanges. The most important and busiest exchanges are nonetheless very a lot centralized, and as such, they’re typically focused by hackers.

2019 noticed fairly a couple of vital hacking incidents, so let’s revisit 5 of them proper now.

1) The primary: Cryptopia

As quickly because the 12 months kicked off, the primary massive hack occurred in New Zealand, when the nation’s main trade, Cryptopia, introduced the primary critical lack of the 12 months. The trade misplaced round $2.44 million in Ethereum (ETH), but additionally round 48 million CENNZ tokens, which was price round $1.18 million on the time.

The incident continues to be a thriller to this present day, because the trade by no means revealed technical particulars concerning the assault. Additionally, whereas it did try to revive buying and selling, it by no means managed to do it and is now thought-about a failed trade.

2) The biggest trade to get hacked: Binance

One of many greatest information in 2019 was the hack of Binance, which passed off in Could of this 12 months. The hack was a results of a mixture of malware and phishing assaults, and it noticed the theft of $41 million (7,000 BTC).

Thankfully, Binance’s measurement allowed it to return the cash to its shoppers with out actually feeling the unfavorable penalties of the assault too strongly. Even BNB managed to undergo the incident, seemingly unaffected. Binance managed to bounce again, and it’s nonetheless one of many greatest exchanges on the earth.

3) The user-friendly hack: Bithumb

The biggest cryptocurrency trade in South Korea, Bithumb, additionally skilled a hacking assault in Could 2019. The assault resulted in round $19 million stolen, though it was fairly completely different from different assaults on this checklist. In months that adopted, the assault was ascribed to an insider, which can have led many to query their belief in centralized exchanges.

Thankfully, the hack differs in one other manner, which is the truth that all the stolen funds got here from the trade’s personal reserves. In different phrases, no Bithumb shoppers had their very own funds stolen.

4) The pockets breach: GateHub

In June 2019, when the crypto bull run was reaching its climax, XRP Ledger pockets supplier, GateHub, introduced that as a lot as $10 million in XRP was stolen. In response to the announcement, the attackers someway managed to achieve entry to the funds by focusing on the pockets’s API.

Nonetheless, there was seemingly no flaw within the API itself, and all entry tokens had been completely legitimate. The assault nonetheless stays a thriller to this present day, nevertheless it highlighted the problems surrounding visibility launched by APIs into modern methods.

5) Probably the most mysterious one: CoinBene

Lastly, there was CoinBene, which began seeing issues again in March of this 12 months. The trade observed that the funds had been mysteriously leaving its sizzling pockets, which was very a lot regarding to analysts and prospects alike. The issues had been even higher resulting from the truth that the platform was down for upkeep, which is a typical post-hack factor to do.

The trade assured its customers that nothing had occurred, though it remained down for a whole month. In the meantime, the funds positively went lacking, however nothing else is understood, together with how a lot was stolen.

What are your ideas on the safety of crypto exchanges and funds of their wallets? Be part of the dialogue within the feedback beneath, and tell us.


Picture through Shutterstock



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