10 BIGGEST CRYPTO HACKS IN HISTORY

Introduction: The Dark Side of Crypto

The cryptocurrency industry has revolutionized finance, offering decentralization, financial freedom, and borderless transactions. But with great innovation comes great risk—and hackers have exploited crypto’s vulnerabilities for billions of dollars.

Unlike traditional banking, crypto has no refunds, no customer support, and no safety net. If your funds are stolen, they are gone forever.

These are the 10 biggest crypto hacks in history, detailing how they happened and what we can learn from them.

The 10 Biggest Crypto Hacks of All Time

The DAO Hack (2016) – $60M Stolen

• What happened? A flaw in The DAO smart contract allowed an attacker to drain $60M worth of Ethereum.
• Impact: The Ethereum community faced a massive crisis, leading to a controversial hard fork, which split Ethereum into Ethereum (ETH) and Ethereum Classic (ETC).
• Lesson: Smart contract vulnerabilities can be fatal, and governance decisions can reshape an entire blockchain.

Bitfinex Hack (2016) – $72M Stolen

• What happened? Hackers bypassed security in Bitfinex’s multi-signature wallet system, draining user funds.
• Impact: This hack led to strict security upgrades in crypto exchanges.
• Lesson: Even multi-signature wallets aren’t foolproof if not implemented securely.

Atomic Wallet Hack (2023) – $100M Stolen

• What happened? Thousands of users woke up to empty wallets as hackers exploited a hidden vulnerability in Atomic Wallet’s infrastructure.
• Impact: The company never disclosed how the breach happened, eroding trust in non-custodial wallets.
• Lesson: Even “secure” wallets can be compromised, and full transparency matters after an attack.

Euler Finance Exploit (2023) – $197M Stolen

• What happened? A sophisticated flash loan attack drained nearly $200M from Euler Finance.
• Impact: The hacker later negotiated with Euler and returned some of the stolen funds.
• Lesson: DeFi lending protocols must strengthen security against flash loan attacks.

Mt. Gox Collapse (2014) – $460M Lost

• What happened? Weak security and internal mismanagement led to the loss of 850,000 BTC.
• Impact: Mt. Gox handled 70% of all Bitcoin transactions at its peak. Its collapse was one of the biggest disasters in crypto history.
• Lesson: Centralized exchanges can fail catastrophically, reinforcing the need for self-custody.

Coincheck Hack (2018) – $530M Stolen

• What happened? Hackers targeted a hot wallet containing NEM tokens and exploited weak security to drain half a billion dollars.
• Impact: Coincheck survived the attack by reimbursing affected users.
• Lesson: Hot wallets are risky—large amounts of crypto should always be stored in cold wallets.

Poly Network Hack (2021) – $610M Stolen

• What happened? A hacker exploited vulnerabilities in Poly Network’s cross-chain protocol.
• Impact: In a bizarre twist, the hacker returned all the stolen money, claiming they did it “for fun”.
• Lesson: Cross-chain protocols are highly vulnerable, requiring robust security measures.

Ronin Bridge Hack (2022) – $625M Stolen

• What happened? Hackers gained access to private keys controlling Axie Infinity’s Ronin bridge.
• Impact: The attack went undetected for six days, causing massive losses. The stolen funds were later linked to North Korean hackers.
• Lesson: Bridges between blockchains are major attack targets and need higher security standards.

FTX Collapse + $400M Hack (2022)

• What happened? Hours after FTX declared bankruptcy, an unknown entity drained $400M from the exchange’s wallets.
• Impact: Many suspect an inside job, as the funds were quickly moved through mixers to hide their trail.
• Lesson: Centralized exchanges can mismanage billions, and internal fraud is a serious risk.

Bybit Hack (ONGOING) – $1.4B Stolen

• What happened? Hackers exploited a vulnerability in Bybit’s infrastructure, draining $1.4 billion from hot wallets.
• Impact: This is now the largest exchange hack in history, proving that even top-tier platforms aren’t immune.
• Lesson: The biggest exchanges can still be hacked, reinforcing the “Not your keys, not your coins” mantra.

What Can We Learn from These Hacks?

• Use Cold Wallets: Most major hacks target hot wallets, so store your assets offline when possible.
• Avoid Centralized Exchanges for Long-Term Storage: Even the biggest exchanges can collapse (Mt. Gox, FTX).
• Be Wary of Cross-Chain Protocols: Bridges like Ronin and Poly Network remain high-risk targets.
• Smart Contract Exploits Are Common: DeFi platforms like The DAO and Euler Finance prove that bad code can lead to disaster.
• Inside Jobs Happen: FTX and Bybit suggest that some of the biggest hacks may have been internal.

Conclusion: Crypto Security is Non-Negotiable

The crypto world is filled with opportunity—but also extreme risk. These 10 biggest crypto hacks prove that no platform is truly safe, and that self-custody is the best defense.

If you’re in crypto, remember:
🚨 Not your keys, not your coins.
🚨 Cold wallets over hot wallets.
🚨 Trust but verify.

Because in crypto, once your money is gone, it’s gone forever.

To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.