The news of the Binance hack left the cryptocurrency industry rattled. Although, it turns out that a massive $40 million’s worth of BTC doesn’t even register this heist among the worst. Check out the five biggest exchange hacks in crypto history.
The 5 Biggest Exchange Hacks in Crypto
As you can see from the above image, the Binance hack comes in a measly sixth place. There’s no doubt that the world’s biggest cryptocurrency exchange will recover from its stinging loss.
The hacker only targeted Binance’s hot wallet which holds just 2 percent of all the exchange’s BTC. In fact, CEO Changpeng Zhao (CZ) is already chalking it up to a “lesson learned” (albeit an expensive one).
cons: 4 While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safe guard user funds.
We should own up it. We will learn and improve.
As always, thank you for your support!
— CZ Binance (@cz_binance) May 8, 2019
And, it could have been way worse–just ask Coincheck, the Japanese exchange that still takes first place in the biggest exchange hacks in crypto history.
1. Coincheck (Jan 2018)
According to cryptocurrency intelligence agency CipherTrace, 2018 eclipsed all other years as far as exchange hacks go, with Coincheck leading the way. To kickstart the year that would also be the longest bear market for the industry, Coincheck was hit by hackers stealing more than 500 million NEM cryptocurrency (around $530 million).
NEM stuck the blame firmly on the ‘relaxed security measures’ of Coincheck even though it was only its cryptocurrency XEM that was stolen. No hard fork was carried out and Coincheck,