Historic Cryptocurrency Heists: Largest Unauthorized Transactions in Digital Money
In the world of cryptocurrencies, security is paramount. Unfortunately, cybercriminals have found ways to exploit weaknesses in digital currency exchange platforms and operations, leading to significant losses for many. Here's a look at some of the most prominent crypto heists and the security measures that can help protect your digital assets.
One of the earliest recorded crypto heists was the attack on Coincheck in January 2018, where $534 million in NEM coins were stolen. Fast forward to February 2022, and North Korean hackers stole $1.5 billion worth of Ethereum in the largest token theft in crypto history, from the exchange platform Bybit. This was followed by the theft of $570 million from Binance in October 2022.
Another significant attack occurred in March 2022, when the Ronin Network was attacked, resulting in the theft of $625 million in Ethereum and USDC. The attack involved hackers taking control of the chain's validator nodes and stealing the private keys of the owners to gain access to the digital assets.
Similarly, in November 2022, more than $600 million was stolen from FTX wallets on the day it declared bankruptcy. These heists often occur through phishing, where malicious emails are sent to deceive cryptocurrency owners and gain access to confidential information or wallets.
To protect your digital currencies, it's essential to take necessary security measures. Enabling a cold wallet, using a VPN, and updating antivirus software are all important steps. Multi-factor authentication strengthens protection for cryptocurrency wallets by using different verification levels. Creating secure passwords, updating them regularly, or using password managers is also vital.
It's also advisable to delete suspicious emails and text messages, as well as be wary of phone calls from unknown numbers, to avoid falling victim to cybercriminals. Malicious code can be used to manipulate the code of cryptocurrencies at a weak point, facilitating attacks and theft.
Large-scale frauds involving fake trading platforms and investments are another concern. While no exact total amount has been specified for the biggest cases, individual losses like 300,000 EUR have been reported.
Education can also play a role in protecting your digital assets. A Bitcoin and Other Cryptocurrency Taxation Course Certificate is available for an intermediate level, offering lessons on the taxation of cryptocurrencies in Spain.
Despite these measures, it's important to remember that due to their decentralized and unregulated nature, cryptocurrencies can be more vulnerable to various protection and security issues. The theft of private keys is another common method used by hackers to gain unauthorized access to cryptocurrency wallets.
In conclusion, while the world of cryptocurrencies offers many opportunities, it's crucial to take the necessary steps to protect your digital assets. By understanding the risks and taking the proper precautions, you can help ensure the safety of your investments.
