The 3 most serious hacks that shocked the cryptocurrency world

The greatest crypto hacks

The growing interest in cryptocurrencies has led hackers to pay attention to this asset. Attackers have become more creative with the hacks and hacking that they commit against cryptocurrency assets. Even the most experienced users can be literally just a click away from malware that will harm not only files but also crypto assets.

If you work on a network that billions of people use every day, then hacking is more than dangerous for you. Hacking is gaining unauthorized access to someone’s system to steal data and files or to the entire system.

Despite the fact that any hacking is illegal, we cannot ignore the impressive efforts, the depth of knowledge, the courage and the level of creativity needed to complete such a task:

Hacking NiceHash – $64 million were stolen

NiceHash, a mining marketplace in Slovenia, began operating in 2014. Just three years later, the so-called “cloud mining”, that is, a web platform on which people buy and sell the computing power needed to mine bitcoins, was hacked: a hacker stole about 4700 bitcoins. As of December 2017, this amount of cryptocurrency was equivalent to $ 64 million. It was during this period that bitcoin reached its maximum of $ 20 thousand. The platform called the security breach a highly qualified and organized attack. It was carried out using a complex scheme based on social engineering methods.

The damage caused by the platform hacker was so significant that the exchange suspended all its operations for 24 hours to conduct an investigation. In an official press release, the exchange also recommended that users change their access passwords for accounts and assets.

In an effort to maintain its reputation, NiceHash launched redemption programs so that in this way it will return digital currency to those users who have suffered from the infamous hack.

Hacking Bitpoint exchange – $28 million were stolen

In July, the Bitpoint reported that about 55.000 of users were hacked, for a total of $ 27.9 million. Bitpoint President, Genki Oda, said that of the stolen goods, about $ 19 million belonged to customers, and the remaining amount $ 8.9 million owned by the company.

As a result of the theft, hot customer wallets were attacked. In addition, the hacker also used Bitpoint software to steal an additional $ 2.3 million in foreign exchanges. The stolen funds are still not returned, and the exchange is trying to find the person for this theft.

In June 2018, Bitpoint received a business improvement order from the Japan Financial Services Agency. Thus, the FSA tried to secure the funds of customers.

The total user base of the exchange is 110 thousand people, and the theft of funds from half of them raises questions regarding the security level of the exchange.

Bittrex exchange delisted altcoin Bitcoin Gold after a series of hacks and a loss of $ 18 million

Bittrex is one of the most popular cryptocurrency exchanges in the United States with a team of 49 members. After hacking, the exchange decided to exclude Bitcoin Gold (BTG) from its platform.

A series of hacker attacks on the exchange led to the loss of more than $ 18 mln. Back in May 2018, hackers took control of more than 51% of the entire Bitcoin Gold hash power, which amounted to more than 388 thousand BTG tokens.

Hackers used the “double spending” hacks method. Bittrex didn;t mention the exact amount of stolen Bitcoin Gold. Nevertheless, Bittrex requested more than 12 thousand BTG (equivalent to about $ 255 thousand) in compensation from Bitcoin Gold.

These hacks undermined the reputation of Bitcoin Gold. Earlier, $ 3.3 million BTG were stolen after hackers tricked users into downloading a fake wallet. These hacks downgraded the BTG rating in the cryptocurrency market. Currently, this altcoin takes 43rd place in the ranking of cryptocurrencies.


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