Cryptocurrencies have been famous in the market for a lot of reasons. One reason is that they are completely transparent. There are also many exchange platforms where people exploit cryptos and some of them make the most out of their resources to make sure nothing impacts the growth of their assets. Still, attackers find a way to harm the assets and safety of that particular exchange.
Criminals or fraudsters in the crypto industry prefer targeting crypto exchanges because a single breach gives them access to the digital assets of hundreds of crypto users. Where a lot of precautionary measures need to be taken, there’s only a limit that you can go to while protecting your assets. Rest is sometimes just pure luck.
In this article, you will learn about the greatest crypto exchange hacks to ever exist in the digital world.
Mt. Gox
It is an exchange based in Japan and was established in the year 2010. There was a time that it could handle above 70% of the total bitcoin transactions worldwide and was considered as the greatest crypto exchange around the globe.
However, in 2011, someone hacked this exchange and the worth of bitcoins amounting to 8.75 million dollars was taken away.
KU Coin
The most recent hack we know is that of the KuCoin crypto exchange. Established in the year 2013, this platform works with other cryptos as well like ethereum, Litecoin, bitcoin, etc.
When we talk about the year 2020, criminals stole above 281 million dollars worth of tokens and coins in September
Upbit
It is a crypto exchange established in the year 2017 and is in South Korea. Being famous in different countries of the world, it gradually became the greatest crypto exchange whenever someone mentioned daily transactions.
This exchange suffered an enormous cyber-attack back in 2019 when the criminals somehow took over the exchange and got away with above 45 million dollars only in one transaction.
Binance
Binance is another platform that has made its way into the business quickly. When we talk about volume, it’s the largest crypto exchange in the world offering people more than 360 various cryptos. Moreover, Binance is active in over 1,200 markets so you never have to worry if it’s still running or not.
Moreover, Binance has an ecosystem consisting of cryptocurrency transactions, training, charity, and research. Since the exchange was doing so well, the criminals could not sit back and relax. In May 201917 criminals put a dent in this exchange which was then a matter of strict security issues.
Bitfinex
This is a crypto exchange based in Hong Kong and established in 2012. iFinex Inc. is the rightful owner of the company as it developed Tether as well (a stable coin). Jumping to the year 2016, hackers attacked this exchange and stole coins with a worth of above 60 million dollars.
When the attack was executed, Bitifinex tried tracking its funds and was kind enough to issue refunds to the customers who lost them in the shape of equity.
The losses that Bitifinex had to face were distributed equally amongst the others so that no one feels left out or anything.
Is It Okay To Rely On Other Cryptocurrency Exchanges?
Yes. Every investment you make in a business is a risky game. Either the money you invest can give you more than you invested, or you may suffer a loss, or quite rarely, you get back the money you invested.
Trading bitcoins and other cryptocurrencies are a safe option when you have different software like Digital assets that helps you throughout your work. Nonetheless,
The industry of cryptocurrency will change forever but to make sure you conquer the market with whatever software or application you have in the crypto industry is work that requires hard efforts and your time and energy.
There exist around 9,000 cryptocurrency tokens. You have to take care of the cryptos that have light use and are not traded too often. Selling these cryptos means a difficult procedure awaits you.
Since cryptos are extremely volatile, you can never predict their worth or value and have to wait. Moreover, you can rely on other crypto exchanges and invest in them. However, it is extremely difficult to get your money out once you have already invested it.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
Caroline is doing her graduation in IT from the University of South California but keens to work as a freelance blogger. She loves to write on the latest information about IoT, technology, and business. She has innovative ideas and shares her experience with her readers.