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Over $11bn has been hacked from crypto exchanges

by Peter Smyth Tech Journalist
22nd Jan 20 6:36 am

Data calculated by InsideBitcoins shows that over $11bn worth of cryptocurrencies has been stolen in different exchange hackings. From 2011, hackings have mainly affected cryptocurrency exchanges, wallets, and mining platforms.

2019 recorded the highest number of hacks

The biggest platform to suffer a significant hacking was Tokyo’s Mt.Gox cryptocurrency exchange. The exchange suffered two hacks in 2011 and 2014 losing approximately 2,000 BTC ($17.2m) and $6.5bn worth of Bitcoin (740,000 BTC) respectively.

In 2012, losses in blockchain hacking resulted stood at over $1.2bn.

Bitcoinica, a platform that enabled leveraged speculation in its contract-for-difference (CFD) market against the Bitcoin to USD exchange rate lost about $1.05bn (740,000 BTC) across three months.

Come 2013, hacking resulted in the loss of $109.6m with the PicoStocks platform being the most affected $62m (7,196 BTC).

The biggest heist from a cryptocurrency hacking was in 2014 with $6.6bn worth of cryptocurrencies vanishing. The affected exchanges were Mt.Gox which lost at least $6.5bn worth of Bitcoin (740,000BTC).

Overall, about $225m was lost in blockchain hackings across 2015 with Bitstamp exchange among the most affected platforms. In 2016, only two hackings stood out with the sum of lost funds amounting to over $1.6bn. The Dao and Bitfinex exchange become the worst hit. According to the report :

“In the history of blockchain, 2019 recorded the highest number of hacks with at least eight cryptocurrency exchanges suffering hacks.”

In 2019, cryptocurrency exchanges lose more than $104m worth of digital assets including the infamous 7,000 BTC ($60.5m) hack at Binance.

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