The Biggest Cryptocurrency Hacks In History

Cryptocurrencies are always a great target for hackers. Among popular cryptocurrencies in the times of their early development, there were many security breaches. In that time, cryptocurrencies had a lot of security issues that needed resolving. Today, most of them increased their levels of security. This, however, goes both ways. As much as the security gets higher and stronger, hackers work on different tactics and methods to get to them.

1. The year 2010, August

In this year, one hacker found a weak spot in Bitcoin’s software. He found an open door to the software and created one single block with a transaction worth 184 billion Bitcoins. Keep in mind that the cap on Bitcoin supply is only 21 million.

2. The year 2014, March

We all have heard about Mt. Gox, right? This is probably the biggest attack on cryptocurrencies ever. Mt. Gox was an exchange and a company that resulted in bankrupting when a stunning $473 million of bitcoin was stolen. This is one of the biggest cryptocurrency hacks in history.

3. The year 2015, January

After a year later from the devastating Mt. Gox hack, the crypto market went through a rough patch again. This time it was not an exchange but a Bitstamp storage wallet. The hack resulted in losing $5.1 million in bitcoin. After this case, an investigation started. The conclusion from the authorities was that one of the system administrators had become a phishing scam victim.

4. The year 2016, July

In the summer of 2016, a popular social media blockchain was under attack. Steem was under a hack attack with more than 300 accounts being endangered. Almost $80.000 of Steem Dollars were emptied from the users’ accounts.