5 High Profile Cryptocurrency Hacks

Cryptocurrency is very easy to break ,if not held securely.It is managed in wallets and wallets use private key which is only known to holder of currency.Cold walllet ,hot wallet ,desktop wallet etc are different types of wallet but cold walllet most secure wallet and its does not need any internet connection.

Crpytocurrency exchanges save the private keys of wallet in centralized database ,in which malicious party easily accessed these private keys and made off with million of dollars .

Now we see the 5 most known hack of all the time.

1. The Mt.Gox Hack was held in 19th june 2011 and amount hacked was 2609 BTC and there is one another hack in which 750,000 BTC amount was hacked.This bitcoin exchange was japan based and running  since 2010.When the first Mt.In this hack , hackers was able to access the private keys and then transfer 2609 bitcoins to an address that was not controlled by exchange.

2. BitFloor hack was held in september 2012 and amount hacked was 24,000 bitcoin.Bitfloor was largest competitors to Mt. Gox at that time.Hack was possible because hackers was able to access the private key.The private keys was not encrypted and was available online for backups.At today time ,the amount 24,000 bitcoin worth of $141 million USD.

3. Poloniex hack was occurred in march 2014 and the amount hacked was 12.3 % of all bitcoin held by Polonix. Polonix was one of most used crptocurrency exchange.This hack was occurred because there was a faulty code in withdrawal system .After that Polonix updated its security system and it also refund all the users that lost money.

4. Bitstamp hack was held in january 2015 and amount was hacked 19,000 BTC .It is roman based crptocurrnecy exchange and running since 2011.It was also gave big comptition to Mt. Gox.Today time,the amount 19,000 BTC worth of $5 million USD.Today it using the advanced security system and using multisignature wallet.

5. Bitfinex hack was occurred in august 2016 and amount hacked was 120,000 BTC . This hack is famous and largest hack .At today the hack have been worth of $711 million USD.In this hack ,hackers were able to destroy the multisignature architecture used by bitfinex.At today ,Bitfinex is most used and trusted cryptocurrency exchange.