Topic: Some of the major hacks in the history of Bitcoin/Cryptocurrencies (CHECK OUT) (Read 197 times)

Both tips do not provide additional protection and may cause you to lose your money.
Keeping cryptos offline does not mean that you are safe unless:

• These addresses are generated randomly and in an offline environment.
• The seeds did not connect to the Internet and will not connect to it.
• Signing transactions in an offline mode and broadcasting them only with wallet connected to internet (XPUB).

Using a web browser will expose you to losing your money, all browsers offer weak protection for your money as they often have poor programming and higher conversion fees.

After he was located by some security entities, he had no choice but to accept the reward beside refunding the full amount of money. He declined the job without even telling the platform how he hacked the system. Polygon team still don't know about how this could happen, so they lunch a bug bounty worth thousands of dollars to anyone discover a bug in their system. They think this happened because of a loophole in the system and not a successful hack attempt .

If I am correct he was also offered a job as head of data security but I think he declined it. The way Poly network handled this hack was commendable as they got the amount back without going to the authority. I also fee they were able to locate the hacker and thus the hacker accepted the offer otherwise they generally leave with the amount as seen in the past.

After he got 500k$ as a reward, i think hefound it better than running away with 260m$ for a while before catched. The hacker got the reward without even to tell them about the loophole which he discovered and used to hack the system.

Not sure if I'm missing something or not, but how does that prevent a hack from taking place?

They can't access your funds without having the private key ^{[I believe that's what you meant to say, as opposed to an address]}.

When it comes to prevention, it's never a good idea to have a wallet that you access through web browsers ^{[the reputation of the browser in question, does not matter since the whole act is quite risky]}.

To add information to the list
DeFi hacks [history]
https://bitcointalksearch.org/topic/defi-hacks-history-5267124
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I see no problem submitting my cryptocurrency addresses to social networks or forums. The most important thing for these purposes is not to use one address.
A hardware wallet is not the best privacy tool because your IP addresses and wallet data are transferred to the servers of the hardware wallet manufacturer. Better to use Bitcoin Core

There is a thread that contains all 2011-2020 hacked platforms cases, but preparing more will not make people stop depositing more in those platforms, they want high liquidity, low transfers and no fees for withdrawal or when depositing, so they sacrifice the entire amount to reduce less than 10% will be paid as fees .

Unless decentralized platforms develop, greed will lead more people to lose their money, and the platforms will not bear any losses if your money is stolen.

From what has been written, it can be concluded that storing bitcoins on investment platforms or exchanges for a long time is at risk of losing bitcoins. It is safer to store using a personal wallet or hardware that works for the wallet.

Hardware wallets can be used with reputed wallets like Electrum, it is not a broswer and neither a broswer extension but a mobile or desktop wallet. For the hardware wallet, you can use desktop electrum for it instead of any web browser based wallets which are most vulnerable to attacks.

I made a topic once on these same crypto Heist.
It was kinda hard to believe that hackers could just change their mind all of a sudden and return about 600m and even promised to return more.
That was prolly about the chinese polly network
CYBER securities are getting into deep studies to evade any form of CYBER THEFT.
Technology keeps improving which makes hacking sometimes,not so EASY!

It might be misleading to list down major hacks in the history of Bitcoin or major Bitcoin hacks when Bitcoin has never been hacked. In Bitcoin's entire history, never has there been a single instance when Bitcoin was compromised. Neither has there been a Bitcoin counterfeit in its entire history. The hacks that you listed under Bitcoin hacks are not Bitcoin hacks but exchange hacks. Apparently, Bitcoin is not Mt Gox or Africrypt or Zaif.

• Hacked Exchanges since 2011
• List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses

Remember "Not your keys, not your coins" so please visit NotYourKeys.org to be enlightened about it and protect your cryptocurrency asset better.

• Recommended wallets

I'm surprised you don't know, it was kinda the news for August. However... since he first returned 260M, then the rest, there are 2 topics about it here:
HACKER returns $260m in funds | One of the biggest Crypto hacks ever.
What could make a hacker return stolen $600m crypto

You may get interested to read this thread- https://bitcointalksearch.org/topic/hacked-exchanges-since-2011-5090869
It includes all the hack of exchanges since 2011 to 2020 as I can see the last update.
That's quite interesting. Why did the hacker return the sum? Was it because of hackers honesty or somehow hacker revealed their trace anywhere? Can you please refer me a good article?

Welcome, but before we begin, I will like to break down the meaning of some of the vital terms we will be talking about here, which include "Hacks", "Bitcoin" and "Cryptocurrency".
So, as we all know, Bitcoin is a digital currency, decentralized which can be used for transaction, launched in the year 2009 by an anonymous fellow "Satoshi Nakamoto". While,
Hack or hacking could be seen as  the process of breaking through into a system, which could be a computer or a private network, whereas, Cryptocurrency a digital currency, decentralized, which has no need for bank verification for transactions.

So, as we all know, since the inception of Bitcoin and other Cryptocurrencies, there has been series of several crypto hacks world wide, both on the exchanges, wallets and even in the physical mining processes, and that's the main reason for this post, to list out some of the major crypto hacks, how much was stolen, the date and platforms affected. So stay calm, as I go forward to start listing them below.. Thanks


SOME OF THE MAJOR BITCOIN HACKS IN HISTORY

1. Mt Gox: In which over $450m worth of Bitcoin was hacked from a Japanese exchange "MtGox" in 2014, and up till today the money has not been refunded to it's customers and is the main reason for it's collapse.

2. Africrypt: In which over $3.6billion worth of Bitcoin was hacked from this South African based crypto platform "Africrypt" in June 2021. And Africrypt happens to be a crypto platform which promises to offer 5 times of the amount of Bitcoin invested

3. Zaif: In which over $60million worth of Bitcoin and Bitcoin cash was hacked from this Japanese crypto exchange "Zaif" in September 2018.

while,


SOME OTHER CRYPTOCURRENCY HACKS IN HISTORY

1. Poly Network: In which this Chinese platform was hacked and lost over $610million worth of Cryptocurrencies. But later, all the funds was returned.

2. BitGrail: in which this Italian exchange was hack and lost over $146million worth of Cryptocurrencies in 2018.

3. KuCoin: In which this Seychelles-based exchange was hacked and lost over $281million worth of Cryptocurrencies in 2020. And it was later announced that the company recovered some of its fund.

4. Coincheck: In which this Japanese exchange "coincheck" was hack and lost over $534million worth of Cryptocurrencies in 2018.


SO HOW CAN WE PREVENT ALL THESE HACKING (few tips)

1. By storing your Bitcoin in an offline hardware.

2. By double checking your wallet address before sending it to someone to ensure that it's correct, and money not sent to the wrong address.

3. By avoiding sending your wallet address to all this online forums, or Facebook groups which promises to do free Bitcoin giveaways.

4. By using only trusted web browser for accessing your crypto exchange and wallets, so as to ensure your privacy is safe.

CONCLUSION
In conclusion, I will like to urge everyone to be careful, so that we do not fall victim of any scam or crypto hack.
Thanks.