The dawn of the cryptocurrency era promised security and decentralization—but history has shown that even the most advanced tech isn’t immune to cyber threats. From lost private keys to smart contract vulnerabilities, massive hacks have cost investors billions. In this article, we explore the most impactful crypto breaches to date—what happened, how it unfolded, and the hard lessons the industry has learned.
1. ByBit Nightmare – $1.5 Billion Disappears (February 2025)
Hackers drained 400,000 ETH from ByBit’s cold wallet.
- Exploit linked to North Korea’s Lazarus Group.
- Largest single crypto theft in history.
- Stolen assets still unrecovered.
2. Ronin Bridge Alarm – $615 Million Lost (March 2022)
- Breach on Ronin Bridge (Axie Infinity).
- 73,600 ETH + 25.5 million USDC stolen.
- Lazarus Group responsible again.
3. Poly Network Shockwave – $610 Million (August 2021)
- Funds stolen across Ethereum, BSC, and Polygon.
- Attacker returned most funds—white hat exploit.
- Triggered major security upgrades for cross-chain bridges.
4. BNB Bridge Vulnerability – $570 Million (October 2022)
- Binance Smart Chain exploit enabled unauthorized BNB minting.
- $100 million withdrawn before freeze.
5. Coincheck Breach – $534 Million in NEM (January 2018)
- Hackers accessed hot wallets via phishing.
- 523 million XEM lost.
- Japan implemented stricter exchange regulations.
6. FTX Security Collapse – $477 Million (November 2022)
- SIM swap attack on employee phone.
- Funds vanished post-bankruptcy filing.
- Exposed authentication vulnerabilities.
7. Mt. Gox Collapse – 850,000 BTC Lost (2014)
- Early Bitcoin exchange went bankrupt.
- Total loss worth ~$70 billion today.
- Shook early trust in crypto industry.
8. Wormhole Bridge Flashpoint – $320 Million (February 2022)
- Smart contract exploit allowed fake ETH minting.
- Jump Crypto bailed out protocol.
9. DMM Bitcoin Compromise – $305 Million (May 2024)
- Social engineering tricked employee.
- 4,500 BTC stolen by Lazarus-linked sub-cell TraderTraitor.
10. KuCoin Key Loss – $275 Million (September 2020)
- Hot wallet private keys compromised.
- Partial fund recovery through law enforcement support.
What These Hacks Teach Us
These high-profile breaches serve as sobering reminders:
- Centralized platforms remain the weakest link.
- Infrastructure and smart contract exploits are persistent threats.
- Human errors dominate: phishing, SIM swapping, credential theft.
Smart Security Tips for Crypto Users
- Use hardware wallets for long-term holdings (cold wallets).
- Enable Two-Factor Authentication (2FA).
- Avoid storing large sums on centralized platforms.
- Watch out for phishing attempts.
- Use VPN + antivirus software when trading on public networks.
Final Takeaway
Crypto has unlocked extraordinary opportunities—but it also demands top-tier security awareness. These massive thefts taught the world hard lessons in trust, design flaws, and user responsibility. Stay vigilant, educate yourself, and guard your keys wisely—because in crypto, there are no chargebacks.
Source:
This article is based on “Top 10 biggest crypto hacks of all time” by Ema Pennell
One thought on “Top 10 Biggest Crypto Hacks in History & What They Teach Us”