What are the most hacked exchanges

The exchanges have taken great relevance in the development of the cryptocurrency ecosystem since they began their operation.

The community of users who make use of this type of assets require platforms in which they can freely trade their tokens, and although a controversy persists because of the volume of transactions.

Currently there are many exchanges in the cryptocurrency market, some with greater popularity than others but with a more or less similar dynamics.

Many of these platforms have evolved as the ecosystem has done, implementing some solutions in the operative section, incorporating new tokens for their commerce and making compliance with established regulations to give the user confidence.

However, not all the exchanger can manage the problems of being rob in these days, largely owing to the experienced robberies that left them with millions of losses.

Exchanges that have been hacked

What are the most hacked exchanges

Coincheck

This was the largest cryptocurrency theft in history. The rob happened in 2018, when the boom of one of the most impressive bull markets of the financial markets. While the immense of the virtual currencies reached their historical maximums, one of the biggest exchanges of Japan underwent a massive attack that affected specifically the cryptocurrency NEM.

After detecting an unusual movement of money, the platform decided to suspend operations in this digital currency.

Mt.Gox

One of the most famous cases and known by the industry enthusiasts. By a surprising coincidence, Mt. Gox is also a Japanese exchange platform.

However, by the time this hack occurred, Mt. Gox was the largest digital currency exchange, moving 70% of the volume circulating in BTC. But in spite of their size, some felt that the company’s management was not the correct one, assuring that there was “bad management, negligence and inexperience”, according to Wired.

BitGrail

You probably had not heard about BitGrail, an Italian exchange platform. This exchange moved a low volume in most of its currency pairs, but there was a cryptocurrency that stood out: Nano.

In January 2018, when the cryptocurrencies reached their historic highs, the founder of this platform (Franceso Firano) reported that more than 17 million NANO coins had been lost. For the date, this was equivalent to approximately 195 million dollars, as reported by Fortune. The communities showed some skepticism about the situation.

The DAO

In 2016, he created an idea to collect funds that would be used to develop decentralized projects. We speak of the Decentralized Autonomous Organization or DAO, for its acronym in English. This successful idea was built under the platform of smart contracts of Ethereum. A round of collective financing was carried out through an ICO offer, where more than 150 million dollars were raised.

However, a hacker took advantage of a vulnerability where smart contracts did not update the total balance of the portfolios correctly, taking almost all the funds collected in a few hours. This delicate situation led to the largest bifurcation of Ethereum, which would lead to Ethereum Classic.

Bitfinex

Bitfinex has been one of the most important exchanges and with the highest volume of operations. However, in August 2016 they suffered an attack that resulted in the loss of more than 119 thousand Bitcoins, equivalent to 72 million dollars for the date.

The hacker took advantage of vulnerability in the multi-signature system that Bitfinex uses for its withdrawals. The platform was able to recover after the incident, but lost the trust of many users. Being a regulated platform, the funds have been returned to their owners by the US government. UU., As Yahoo reported.

LEAVE A REPLY

Please enter your comment!
Please enter your name here