The most famous security breaches in the cryptocurrency world – Part 1

The most famous security breaches in the cryptocurrency world – Part 1

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Answer The most famous security breaches in the cryptocurrency world – Part 1

The rule says if money is found, thieves find and if digital currencies are found, hackers try to open the door of security breaches with a big hammer. There are many hackers who try to hack the platforms or wallets of traders to get large amounts of digital currencies, many of them fail, but some succeed and today we have a list of the most important Security breaches of the financial accounts of customers and companies, of course, the goal is to educate and benefit, not to bring terror and fear into your heart.

1- THE DAO . project
In 2016, the project was established to serve as a venture capital fund for crypto projects and investment in the field of digital currencies. The platform began trading the Ethereum currency and achieved huge successes amounting to 150 million US dollars and was admired by everyone.
On June 18, 2016, about 3.6 million Ethereum coins were stolen, with a total value of $70 million at the time. The hackers discovered a loophole that returned Ethereum more than once before it stored transactions on its main network. This loophole made the coin back more than once, so it happened The so-called fork was created and the Ethereum Classic (ETC) coin was created.

2- Mt. platform GOX
Mt. GOX managed to reach the top in record time and carry out a large number of exchanges of digital currencies until the Bitcoin trading in the platforms reached 80% of the total trades, all of which made the company coveted by hackers who made many security breaches, starting in 2011 and leading to the interruption of services As for the users, the hacker was a very skilled person who got into the company’s server and transferred customer data to it quickly and stole nearly 2,000 Bitcoin at the time.
Its second hack was in February 2014, and it was the largest in its history, as the company declared bankruptcy, especially after the increase in customer complaints, and the company discovered by chance a hack that lasted for a long time because of which the company lost approximately 750,000 bitcoins to customers and 100,000 to the platform itself. $473 million was stolen.


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The hack resulted from a defect in the company’s existing Ethereum wallets from the theft of 30 million dollars of Ethereum currency, which is considered the second largest security breach in the Ethereum currency, and the hacker removed the coins from their wallets without obtaining any prior permission.

4- BITFINEX platform
In August 2016, the platform was hacked and the second largest hacking operation in the history of Bitcoin was carried out, and the company lost amounts estimated at 72 million dollars. transfer of digital currencies.

5- BITCOINICA web hosting
It was suffering from many security breaches, the first hack was in 2012, and the hacker managed to hack the platform and stole nearly 47,000 bitcoins and transferred it to his wallet with ease.
Because security breaches are frequent, soon after the first breach occurred one more event but the company’s servers were hacked and 19,000 bitcoins were stolen, and the company now has many lawsuits for customers who were stolen

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Read:The Spanish Football League “Laliga” uses and employs blockchain technology for this purpose!

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