Top Biggest Crypto Exchanges and Bitcoin Hacks

The phenomenal advancement of technology has led us to a parallel virtual universe and hence Crypto world is just one aspect of it. The Cryptocurrency has grown incredibly and so has the threats to it as well as the assets and investments of the investors. As there is no right where there is no wrong same way there is no such aid that turns out to be harmless throughout, and hence, with the ease of trading that the Cryptocurrency offers us, there are risks associated with it.
The following hack fashion has made us all interrogate the security of the cryptocurrencies over the globe. It is important to bring into perspective how massive damage has been done to the costs of the investors.

1. COINCHECK Exchange Hack:

Coincheck Inc. a Japan-based company has set a new record and even outstripped the Mt. Gox hack. The sum that vanished from the accounts of the individuals is of $530 million which is the largest amount hacked in the world of cryptocurrency till this immediate moment by managing the access to the hot wallets.
The company seized the deposits and withdrawals of NEM and issued a statement talking about the unfamiliarity about the glitches in their protocol and that any inconvenience caused as a result of the exchange’s surveillance.
The company now is operational and stand out to be functional.

2. Mt. GOX Exchange Hack:

Mt. Gox was a leading Bitcoin exchange and managed a fair percentage of 70% for exchanges until it got hacked in 2014. This heist was accomplished twice against Mt. Gox exchange while the hacker was trailing into the Mt. Gox’s credentials and transferred a share of amount into their wallets (roughly 2600 bitcoins). But the company did not lose their command over the market.
Later, when the leaked amount was enormous enough to get caught in eyes and senses, the company filed bankruptcy and uncovered that the disoriented amount in figures was $350 million and the investors were found to be in loss.

3. BITGRAIL Exchange Hack:

An Italian exchange company that allows trading of cryptocurrencies including Bitcoin was hacked losing an amount of $195 million. The owner and founder of this Exchange company, Francesco Firano, was ordered and sentenced to restore the investor’s loss by returning assets to them for all intents and purposes.
As the NEM transactions can be traced or any other cryptocurrency trading can be traced, Coincheck has spotted eleven addresses where the money has been transferred but the owner of the accounts still remains uncharted and are suspected to invest this money in different exchange companies by creating different accounts with different identities.

4. BITFINEX Exchange Hack:

The Bitfinex was hacked to lose about 119,756 bitcoins. The hackers were able to penetrate into the multi-signature wallet constructed system of the Bitfinex.
The victims were however paid back to some extent but not as Bitcoin rather, Bitfinex tokens (BFX) as their Recovery Right Token which was compensation to their loss. And, BFX was redeemable in USD. Hence, one BFX was issued as a substitute for every dollar.
The company is still functional and employing people.

5. ZAIF Exchange Hack:

Yet another Japanese exchange company that had their grip off $60 million. Zaif is an exchange company run by Tech Bureau. The company explained the scenario of them halting the deposits and withdrawals on the ground of detecting a server error. Later they became conscious of it as not being a server error rather a server breach.
The hackers heisted Bitcoin as well as Mono coin. The Tech Bureau also stated that the firm Fisco Digital Asset Group will equip 5 billion yen to the stricken company to help them cover the assets of defrauded customers.

6. COINRAIL Exchange Hack:

Based in South Korea endured cost damage of $40 million. Post “cyber intrusion” as they label it, they put a halt on the trading services that made a loss of ERC20 tokens. Pundi X while posting an article suggested an alert and reported an address to which Conrail designated as being associated with the hacker.
Soon, the company explained the movement of data from Hot Wallet to the Cold Wallet and that the data is 70 percent secured now and, rest of the 30 percent is frozen and under investigation.

7. YOBIT Exchange Hack:

A South Korean company that got heisted for $30 million, suspects that North Korea was in support of the hackers. Even the intelligence services in South Korea indicates their suspicion for the same and adds them being behind the additional hacks against their domestic cryptocurrency.
The company announced of returning customer’s asset deriving out of their funds. Some reports even mentioned that the hackers have returned 94 percent of the stolen exchange money (ETC).

8. BITHUMB Exchange Hack:

Another South Korea based company that was breached for $32 million got down on debts of the investors. Post suspicious transactions of such an amount, this exchange company shattered its deposits and withdrawals.
Sooner, Bithumb started an investigation seeking help from the government agencies to encounter evidence and also revealed about them aking help from other successful exchange companies

9. CRYPTSY Exchange Hack:

According to a report, an exchange company that is based in the USA was hacked for the sum of the value of $9.5 million. They declared the bankruptcy but also were channeling the money lost by their clients into their wallets and to halt further loss, the exchange company denied access to the wallets of the users. The company has been ordered to pay $8.2 million in order to cover the losses and damages of the customers by the class-action lawsuits.

10. BITSTAMP Exchange Hack:

Bitstamp exchange was an alternative initiative of the Mt. Gox and was breached by the hackers once again.
Six of the employees were suspected of being in contact with the hackers. The mode of communication was through Skype and emails and the hackers distributed files with malware. The system got compromised and this is how the hackers managed to pass through the securities and drill the hot wallet.
Bitstamp got off from 18,886 BTC holding a credit not far from $5,263,614.

11. BINANCE Exchange Hack

The cryptocurrency exchange ‘Binance’ suffered from a data breach in the current year, and endured cost damage of $40 million.
Although, the company left none of its investors affected and decided t cover the lost coins to them from their own funds. The hackers swindled the API d the users and some particulars too, to transfer more than 7k bitcoins. But, the company was vigilant enough to notice the hack and they ceased and froze the withdrawals and deposits for a period of around one week and is now ready to resume its trading services.

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