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The Biggest Cryptocurrency Cyber Attacks So Far

Published

4 months ago

14 July, 2024

The Biggest Cryptocurrency Cyber Attacks So Far

One of the obstacles to mainstream adoption of digital currency has been hacking. There have been some high-profile thefts on various cryptocurrency exchanges and platforms, discouraging investors from using them.

Blockchain projects have been claimed to be secure, but attacks over the years have proven that to be only partially true. Over $1.7 billion in cryptocurrency was stolen in 2023 ($3.8 billion in 2022), according to blockchain analytics firm Chainalysis. Take a look at some of the biggest cryptocurrency hacks to date.

Key points

Hacking continues to be a major obstacle to cryptocurrency adoption.
Cryptocurrency exchanges are a major target for hackers: more than $1.7 billion was stolen in 2023, and $3.8 billion was stolen in 2022.
The first major exchange to suffer a cyber attack was Mt. Gox, which lost 7% of all bitcoin at the time.
Decentralized financial applications and smart contracts are also a favorite target for hackers.
Some of the most important safety rules for long-term investors are: keep cryptocurrencies offline if you are not actively trading or spending them, and do not use custodial accounts unless they provide insurance.

Ronin Network: $625 million

The largest cryptocurrency hack to date was conducted in March 2022 and targeted the network that supports the popular Axie Infinite blockchain gaming platform. Hackers breached the Ronin network and stole approximately $625 million in Ethereum and USDC (a stable currency). Investigators said a North Korean state-backed hacking collective, the Lazarus Group, was linked to the theft. Sky Mavis (the developer of Axie Infinity) recovered $5.7 million of the stolen funds a month later, but it remains the largest cryptocurrency hack in history.

Poly Network: $611 million

In August 2021, a lone hacker pounced on a vulnerability in Poly’s network decentralized finance platform and stole over $600 million. The project’s developers launched an appeal on X (formerly Twitter) for the stolen funds, which included $33 million Bind. Poly Network then established several addresses to return the funds to, and the unknown hacker began cooperating. After just two days, approximately $300 million had been recovered, and it emerged that the hacker had targeted the network “for fun” or as a challenge.

FTX: $600 million

In November 2022, FTX, one of the most influential players in the cryptocurrency industry, filed for bankruptcy. On the day it filed for Chapter 11 bankruptcy, more than $600 million was stolen from its cryptocurrency wallets. Many FTX wallet holders reported $0 balances in their FTX.com and FTX US wallets.

The cryptocurrency exchange confirmed the hack on its Telegram channel, said: ”FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Do not go to the FTX site because it may download Trojans.”

In 2024, reports emerged of the bust of a SIM card swap network that had gained access to an FTX employee’s accounts and stolen millions of dollars in cryptocurrency.

Binance BNB Bridge: $569 million

In one of the most high-profile attacks in cryptocurrency history, the Binance exchange was hacked for around $570 million in October 2022. A cross-chain bridge, BSC Token Hub, was exploited by hackers, who created and withdrew 2 million extra Binance Coin (BNB). A bug in a smart contract enabled the cyber attack, highlighting the need for greater blockchain security.

$1.7 billion

Amount of cryptocurrency stolen from exchanges and other platforms in 2023, down from $3.8 billion in 2022.

Coincheck: $532 million

In January 2018, Japanese exchange Coincheck suffered a theft of $523 million worth of NEM coins worth approximately $534 million. The vulnerability was created by a hot wallet, which is a live cryptocurrency wallet and is not as secure as an offline cold storage wallet. At the time, the Coincheck hack was even bigger than the infamous Mt. Gox hack; NEM Foundation chairman Lon Wong described it at the time as “the biggest theft in the history of the world.”

Coincheck survived the hack and continued to operate despite being acquired a few months later by Japanese financial services firm Monex Group.

Mt. Gox: $473 million

The first major cyber attack on cryptocurrencies occurred in 2011, when the cryptocurrency exchange Mount Gox lost 25,000 bitcoins worth about $400,000. At the time, the cryptocurrency exchange handled nearly 70% of all Bitcoin transactions.

The attacks did not stop, and Mt. Gox was hit again in 2014. It lost nearly 650,000 of its customers’ bitcoins and about 100,000 of its own. At the time, this was 7% of all bitcoins and was worth about $473 million. The initial reasons for the disappearance of the coins were unclear, but later evidence showed that the coins had been stolen from the company’s hot wallet.

Wormhole: $325 million

The decentralized financial platform Hole in the wall was targeted in February 2022, with $325 million stolen by hackers. The attack was made possible by an update to the project’s GitHub repository, which was not then deployed to the live project. The famous cryptocurrency bridge had to plug the hole in the project’s finances after the funds were not recovered. This was also the largest theft that included Solana, one of the rivals to Ethereum’s dominance in the world of DeFi and NFTs. Up to $47 million in the blockchain’s native SOL token was stolen.

Mixin: $200 million

Mixin Network is a peer-to-peer cross-chain network that facilitates cryptocurrency transfers. In September 2023, the network was hacked through its cloud service provider’s database. The thieves made off with approximately $200 million in bitcoin (BTC), ether (ETH), and tether (USDT).

Euler Finance: $197 million

Euler Finance is a lending and borrowing protocol platform built on the Ethereum blockchain. On March 13, 2023, hackers conducted a flash loan attack, taking $197 million in wrapped Bitcoin (wBTC), DAI (a MakerDOA stablecoin), staked ether (stETH), and USDC. A flash loan attack occurs when a hacker uses a flash loan, an uncollateralized loan that must be paid in full in the same transaction, often used by arbitrage traders, to withdraw large sums, allowing the thieves to manipulate prices.

However, in a strange twist of fate, a few days later the hacker(s) began returning the stolen funds in larger installments, citing concerns about their security.

Bitmart: $196 million

In December 2021, centralized exchange Bitmart was hacked, resulting in losses of $196 million. The hack was first spotted by a security analytics firm, which noted that BitMart addresses were being emptied of their balances. Around $100 million in various cryptocurrencies were funneled through Ethereum, with another $96 million exiting via Binance Smart Chain. All of the tokens were moved to an address labeled by Etherscan as “BitMart Hacker.”

Nomad Bridge: $190 million

Just a month before the Wintermute breach, there was a more significant hack, an attack on Nomad Bridge. Hackers drained $190 million of the project’s funds. Nomad is a cryptocurrency bridge that allows users to exchange tokens between blockchains — bridges are one of the latest favorites among hackers. This is due to the significant value of the assets they hold and the complexity of the smart contract code they run on. Nomad Bridge later recovered $37 million of the stolen funds.

Beanstalk: $182 million

This hack involved the exploitation of a decentralized finance (DeFi) platform that uses a flash loanAfter borrowing $2.5 billion in various assets, the hacker took a 67% controlling stake in the project and approved a transfer of funds to his own wallet before repaying the loan and disappearing with the profits.

Wintermute: $162 million

Wintermute, one of the leading cryptocurrencies Market creatorwas hacked in September 2022. The project lost around $160 million in the hack, which made things worse for Wintermute because owed $200 million to other market participants. The CEO offered a 10% reward to the hacker if he returned the funds.

Multichain: $125 million

Multichain was intended to be a cross-chain router protocol that would, in theory, allow nearly any blockchain to communicate with each other and transfer assets between them, which was and is necessary for Web 3 to continue to progress.

Multichain CEO Zhaojun has reportedly been arrested in China and disappeared, leading analysts to believe the theft was the result of identity theft, where the system owners/developers create a product, raise money, and suddenly walk away with the money.

Other noteworthy hacks

BonqDAO: ~$120 million
Poloniex: ~$132 million
Atomic Wallet Users: Approximately $100 million
HTX Exchange Heco Bridge: Approximately $100 million
Curve: ~$70 million
CoinEx: ~$54 million
KyberSwap: approximately $56 million
Stake.com: ~$41 million
Orbit Chain: ~$81.5 million

Which cryptocurrency exchange got hacked?

Many cryptocurrency exchanges have been hacked. FTX, Mt. Gox, and Binance are some of the most notable hacked exchanges.

What is the biggest cryptocurrency theft?

The 2022 Ronin Network hack remains the largest known cryptocurrency hack, with over $625 million in cryptocurrency stolen. However, the largest cryptocurrency-related theft is attributed to scams associated with the FTX cryptocurrency exchange, where $8.7 billion was stolen from customers.

What was the biggest Bitcoin hack in history?

Considering bitcoin alone, Mt. Gox is probably the largest bitcoin hack, with over 650,000 bitcoins stolen.

The bottom line

With the addition of new products, the cryptocurrency industry has grown rapidly since the mid-2010s. The industry may even be moving too fast, as the number of hacks and thefts demonstrate exploitable weaknesses. Back-to-back hacks have exposed the vulnerability of the cryptocurrency industry and undermined investor confidence. To avoid further damage to sentiment, developers and companies need to exercise greater caution and implement more security protocols for blockchain networks and supporting systems.

The comments, opinions and analyses expressed on Investopedia are for informational purposes only online. Read our warranty and disclaimer for more information.

At the time of writing this article, the author does not own any cryptocurrencies.

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News

Top 5 Crypto Pre-Sales for August 2024

Published

4 months ago

1 August, 2024

TokenTalk Staff

Have you heard about cryptocurrencies in 2011? Was Bitcoin so popular back then? Well, yes, some forward-thinking people saw its potential early and invested in BTC back then. Investors were skeptical about this new financial element; however, many took the risk and invested what they could risk in the cryptocurrency market.

Going through the list of top presales, we have identified and studied five of the main candidates that can change the game on the trading charts. These new opportunities promise the best returns and a great chance to buy tokens at affordable prices. While 5thScape is at the top of our recommendation, projects like DarkLume and Artemis Coin are pioneers in their respective categories.

Top 5 Crypto Pre-Sales to Add to Your Watchlist in 2024

Below we present the top five cryptocurrency pre-sales that you should consider adding to your investment watchlist.

5th Landscape (5SCAPE) – King of digital VR gaming with AR/VR elements
Dark light (DLUME) – Virtual Metaverse for Social Exploration
SpacePay (SPY) – Versatile Financial Payment Gateway for Seamless Transactions
EarthMeta (EMT) – Replicating our planet on a virtual platform
Artemis Coin (ARTMS) – NFT Marketplace for Digital Real Estate Investment

In-Depth Review: The Best Crypto Pre-Sales of 2024

Now, let’s take a closer look at these pre-sale events and how they can help investors make significant profits this year.

5th Landscape (5SCAPE)

The 5thScape project combines emerging technology using the fundamentals of virtual and augmented reality on the Ethereum platform using its native currency as 5SCAPE. Users of the token experience increased security and interactive gameplay in the digital space.

Here are the potential reasons why investors are admiring the 5thScape ecosystem:

Immersive Gameplay: With over five game titles, the platform is ready to amaze the audience with games ranging from archery, sports, battle and high-speed racing.

Innovative VR Content: 5thScape’s progress in the crypto-gaming space will contribute to the development of educational resources and other VR content on the website.

Motion Control Gadgets: This project is working hard to introduce VR devices such as headsets and gaming chairs with precise controls and high-resolution soundscapes to achieve the best immersive feeling while exploring the ecosystem.

Practical utility: 5SCAPE tokens stimulate participation in various activities and convert the ecosystem into economic value for investors.

Staking Opportunities: Acquiring 5SCAPE tokens after listing on exchanges can generate higher earnings

Free Giveaways and Prizes: The distribution of free coins and VR subscriptions attract investors.

Visit 5thScape for more details>>

Dark Light (DLUME)

We just saw how 5thScape captures investors with its AR/VR digital landscape. DarkLume works on similar VR principles but has a completely new VR metaverse. Its presale is about to hit the $1 million mark and simultaneously increase fund inflows.

What are the specifics that allow DarkLume to lead the metaverse industry?

Native currency: The project has DLUME as a digital currency that can be used for in-game purchases or upgrades. These utility tokens also give their holders the right to vote on the development and expansion of the project.

Benefits of staking: Investors who want to hold and earn from this currency expect to multiply their funds after the stock market listing.

Exploratory Metaverse: Once you enter this world, there is no turning back. There are so many opportunities to find recreational activities and relieve stress. Walking through lush landscapes and stargazing at night can be a memorable experience. If you are a party animal, DarkLume’s virtual discos and clubs will win you over.

Visit DarkLume for more details>>

Payment for space (SPY)

Traditional financial setups face many challenges in daily transactions and are also expensive. To solve these concerns, Maxwell Bunting founded SpacePay by combining cryptocurrency payments and blockchain technology. The London-based startup makes online shopping and payments more seamless by integrating its network with existing card terminals, allowing users to make payments in any digital currency. Merchants can choose to receive payments in conventional currency without having to pay exorbitantly.

SpacePay has designed a user-friendly and convenient interface that supports over 325 crypto wallets. SPY, the native token of this platform, serves to enable all transactions within its ecosystem. Tokens can also be used to generate passive income through staking and additional community rewards.

EarthMeta (EMT)

EarthMeta is a virtual metaverse created to replicate our planet, Earth. It is listed as one of the best crypto pre-sales of 2024, with a focus on creating new NFT platforms and virtual assets in premium cities. The startup encourages users to own and govern virtual landscapes.

Cities are then further broken down into smaller assets such as landmarks, buildings, monuments, parks, schools, and more. NFTs can now be bought and sold in the project’s marketplace. Governors are eligible to earn 1% fees per transaction within their city. EMT token holders can also generate more at once with custom API integrations and participation in DAO activities.

Artemis (ARTMS)

Today we have covered a number of financial projects that you can consider along with 5thScape, the most promising VR coins of the decade. Artemis (ARTMS) is a financial platform that allows investors to transact and trade using its digital asset, ARTMS. Users can also lend, borrow, stake, save, and generate rewards from yield farming.

The project is about to enter Phase 4 of development which will see the launch of the Artemis Crypto System. This system is customized to facilitate a large number of secure and transparent crypto transactions. Cryptocurrency enthusiasts and professional entities can buy and sell products such as smartphones, bicycles and internet services using crypto payments. Early investors have great advantages until the project is available at a discounted price in the pre-sale.

Read this before investing in the next cryptocurrency market

Experienced investors know the factors to consider before investing in this dynamic market. Here are some points that beginners should remember before securing a position in the cryptocurrency universe.

It is essential to verify the project details and the founders.
Read and understand the whitepaper for all the technical information about the ICO, the roadmap and the mission of the project.
The project roadmap will provide greater clarity on milestones and results achieved.
Review the fundamentals of the new technologies involved in the development of the platform.
Before investing in any cryptocurrency, carefully evaluate the benefits and risks to avoid losses and build a profitable portfolio.

Conclusion

5thScape ICO Offers Tokens at Deeply Discounted Prices. Once the presale is over, the token price will skyrocket 434% from the first round and promise 600x returns to early investors. Who wouldn’t want to be part of an innovative and growing VR ecosystem? Check your details, review all the documents and start investing in 5thScape now.

Time flies, and so does the $100,000 prize.

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Best Upcoming Cryptocurrencies for Long-Term Profits: Turn $100 Into $1000 With These Picks

Published

4 months ago

1 August, 2024

TokenTalk Staff

Have you ever wondered how much return Bitcoin has given to investors who bought this gold cryptocurrency a decade ago? In 2014, Bitcoin reached its significant milestone of $1,000 in the first month. Currently, it is trading at around $64k, which is an astonishing 6300% increase in the span of 10 years. No stock, no ETF could ever give you such monumental returns. This simply proves that the cryptocurrency market turns your dreams of investment returns into reality.

While the established giants are not giving so much returns now, the ball is in the court of upcoming cryptocurrencies that are based on the development of projects to provide up to 1000x returns in the near future. In this article, we will explore 5 upcoming cryptocurrencies for long-term earnings that can turn your $100 into $1000 – the only key is strategic investing with a lot of patience!

Best Upcoming Cryptocurrencies For Long Term Profits

Below we list the top 5 cryptocurrencies for long-term gains, which are set to give you returns of up to 1000 times in the coming times.

5th Landscape (5LANDSCAPE)
Dark light (DISGUST)
BlockDAG (BDAG)
eTukTuk (TUK)
WienerAI (WAI)

Take a deeper look at the background of these 5 upcoming cryptocurrencies for long-term gains and see why they could be viable options for your cryptocurrency portfolio.

1. 5° Landscape (5SCAPE)

5thScape is changing the face of entertainment by merging augmented and virtual reality with blockchain technology, offering a VR content ecosystem unlike any other destination on the internet. Its native token, 5SCAPE, is the cornerstone of this innovative ecosystem. With a limited supply of 5.21 billion tokens, 5SCAPE offers early investors a unique opportunity to participate in the growth of a potentially transformative platform.

Combining the immersive experiences of VR technology with a cryptocurrency that has a real-world use case, 5thScape presents a compelling investment proposition. The project’s focus on providing unparalleled user experiences, coupled with its potential to generate substantial returns, makes 5SCAPE an ideal new cryptocurrency to have in your portfolio for long-term gains.

Click here to invest in 5thScape today >>

2. DarkLume (DLUME)

DarkLume is a meticulously crafted metaverse where users can experience a lavish digital lifestyle. At its core is the DLUME token, the currency that powers this virtual economy. By owning DLUME, users gain access to exclusive experiences, from owning virtual properties to attending high-society events and hosting virtual celebrations with their friends.

The metaverse is divided into virtual countries, each with its own citizenship requirements. To become a citizen, users must possess a specific amount of DLUME. Maintaining citizenship involves paying taxes in DLUME and creating a sense of community and responsibility among users.

Unlike other metaverse platforms that are limited to digital interactions only, DarkLume offers a wide range of activities, from leisure and entertainment to social interactions and exciting experiences. The platform’s focus on luxury ensures that every aspect of the metaverse is designed to exceed expectations. As DarkLume continues to grow, its DLUME token is expected to be in high demand. The metaverse concept is supported by renowned names such as Mark Zuckerberg and Satya Nadella. As it is the future of immersive socialization, the DLUME token is expected to appreciate in value over time.

Explore DarkLume’s website to learn more

3. BlockDAG (BDAG)

BlockDAG is an innovative blockchain platform that uses a Directed Acyclic Graph (DAG) structure together with blockchain technology to offer fast transaction speeds, lower fees, and better scalability.

Unlike traditional blockchains that process transactions sequentially, BlockDAG processes them in parallel, which allows it to handle a much higher transaction volume. This approach makes BlockDAG an ideal platform for applications that require high throughput and low latency, such as DeFi, gaming, and IoT. Its presale has been a great success so far, and BlockDAG’s adaptability may be an optimistic sign for early investors in the BDAG token.

4. eTukTuk (TUK)

eTukTuk is a new leading crypto project that combines sustainable transportation with blockchain technology. Its main goal is to electrify the famous “tuk-tuk” industry, reducing carbon emissions that cause environmental damage while creating a thriving ecosystem. Its TUK token powers the entire platform.

One of the most notable features of eTukTuk is its Play-to-Earn (P2E) gameplay. Players can earn TUK tokens by completing challenges and missions in the game. This gamified approach not only makes the platform engaging but also incentivizes user participation in building the eTukTuk ecosystem. The primary utility of the TUK token is as a mode of payment for tuk-tuk drivers who use EV charging stations for their vehicles installed across Sri Lanka. The project will soon expand to other countries.

Overall, the value proposition of the TUK crypto token is strengthened by its utility within the platform. It can be used to purchase electric tuk-tuks, charge them at the network’s charging stations, and access various platform services. As eTukTuk adoption grows, demand for TUK tokens is expected to increase, potentially resulting in significant appreciation in the token’s value.

5. WienerAI (WAI)

WienerAI is a new blockchain-based platform that uses next-generation artificial intelligence (AI) technology to transform the cryptocurrency trading space. Its flagship product is an AI trading bot (with a sausage-themed mascot) designed to analyze market trends, identify potential opportunities, and execute trades with zero errors. With the power of AI, WienerAI provides users with a market edge in the complex and dynamic world of investing.

The platform’s native WAI token is a digital asset that underpins the entire ecosystem. Token holders can enjoy various benefits, including discounted trading fees, priority access to new features, and even a share of the platform’s profits. As WienerAI gains traction and its AI trading bot proves successful, the continued flow of demand for the WAI token will fuel its price.

Final Thoughts: Best Cryptocurrencies for Long-Term Profits

Each cryptocurrency project explored in this article brings a unique and innovative perspective to the blockchain industry. From the immersive worlds of 5thScape and DarkLume to the efficiency gains of BlockDAG and the sustainability focus of eTukTuk, not to mention WienerAI’s AI-powered trading bot with a new approach to investing, these projects are pushing the boundaries of what’s possible with blockchain technology.

While all of these projects are promising, 5thScape and DarkLume stand out as particularly interesting investment opportunities. The combination of 5thScape’s robust VR ecosystem tokenomics and unique AR/VR offeringstogether with the fantasy world of the DarkLume metaversehas the potential to appeal to a wide range of investors who may be entertainment lovers, not just cryptocurrency enthusiasts. Given their current presale stages, acquiring 5SCAPE and DLUME tokens at these early-bird prices could prove to be a strategic move for those seeking substantial returns.

This is a sponsored article. The opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on the information presented in this article.

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Avalanche Predicts ‘Most Bullish Unlock’ in Broader Market $1 Billion in Token Release

Published

4 months ago

1 August, 2024

TokenTalk Staff

Avalanche anticipates ‘most bullish unlock’ amid broader market $1 billion in token release

Token Unlocks data shows that several crypto projects:AvalancheWormhole, Aptos, SandboxArbitrum, Optimism and others are set to unlock around $1 billion worth of tokens in August.

Approximately $260 million will be allocated in the first three days of the month.

Crypto projects often schedule token unlocks to control the asset supply and prevent market oversaturation. This gradual release helps avoid significant sell-offs by early investors or team members who hold large amounts of crypto assets.

Wormhole and Avalanche to Release Over $400 Million in Tokens

The biggest news this month will be Wormhole and Avalanche.

On August 3rd, Hole in the walla cross-chain messaging protocol, will release 600 million tokens worth $151.67 million, or 33.33% of its circulating supply.

Avalanche will follow on August 20, unlocking 9.54 million AVAX tokens worth approximately $251 million, or 2.42% of its circulating supply.

The Token Unlocks dashboard shows that 4.5 million AVAX, worth $118.53 million, will go to the Avalanche team, 2.25 million AVAX, worth $59.27 million, will go to strategic partners, and the remainder will go to the Foundation and as an airdrop.

Farid Rached, former head of ecosystem growth at Avalanche, underlined that this planned unlock would be the most bullish in its history because “it is the last big step for the team and public/private investors.”

Other important unlocks

Sui, a layer 1 network, will unlock 64 million tokens worth $50 million, or 2.56% of its circulating supply, on August 1.

Similarly, decentralized exchange dYdX will issue 8.33 million tokens worth nearly $11 million, or 3.65% of its circulating supply. These tokens will be distributed to investors, founders, staff, and future employees.

Aptos will unlock 11.31 million APT tokens worth $74.64 million on August 12. These will be allocated to the Aptos community, top contributors, the foundation, and investors, with top contributors receiving the largest share: 3.96 million APT worth $26 million.

On August 14, Sandbox will release 205.6 million SAND tokens worth $66.75 million. This issuance will be split between the team, advisors, and a corporate reserve.

Finally, Ethereum’s layer 2 networks Referee AND Optimism will collectively unlock over $110 million worth of tokens by August 16 and 31, respectively.

Mentioned in this article

Posted in: Avalanche, Tokens

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Big Tech Beats Bitcoin (BTC) as Trump’s Trade Cancellation Weakens Token

Published

4 months ago

1 August, 2024

TokenTalk Staff

Big Tech Beats Bitcoin (BTC) as Trump's Trade Cancellation Weakens Token

Bitcoin has failed to join the cross-asset rally fueled by dovish comments from the Federal Reserve, as the tight US election race casts doubt on Donald Trump’s ability to implement his pro-cryptocurrency agenda.

The digital asset slipped 2.4% on Wednesday, tracking a Fed-fueled surge in an index of the Magnificent Seven large-cap tech stocks by one of the widest margins in 2024. The token fell further on Thursday, changing hands at $63,750 by 6:10 a.m. in London.

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