Examples of Previous Exchange Hacks

Mt Gox (2011/2014)

Easily the most infamous of all exchange breaches, the ramifications of the hacks are still felt even to this day, as users are yet to be fully reimbursed for their losses. Mt Gox was hacked twice, first in 2011 then again in 2014. The hack in 2014 led to the exchange filing for insolvency. Altogether a sum of 850,000 BTC was stolen. This equates to approximately $700 million in monetary terms at the time, currently, it would’ve been worth closer to $2 billion.

The second largest hack in the history of Bitcoin was suffered by Bitfinex. 120,000 BTC, which then was worth $72 million was stolen. Bitfinex entered into a partnership with BitGo in 2015, to increase security and liquidity options for its users, by spreading the private keys for its multi-signature wallets. However, when hackers attacked the Bitfinex servers, they got Bitfinex to authorize the illegal withdrawals as well as managing to evade BitGo’s security measures too- the price of BTC dropped by almost 20% as a result of the hack.

BitGrail at the time was a relatively insecure and unproven centralized exchange. However, they were among the few exchanges that were willing to list NANO (RaiBlocks the time).

Over 17 million NANO tokens were lost, worth roughly $175 million at the time. However, the hack was met with widespread suspicion from many users. BitGrail at the time announced AML and identity verification procedures despite not actually dealing with government currencies or banks. This made many suspect that the exchange was gravitating towards an ‘exit scam.’ The hack resulted in a 20% drop in NANO prices.

Several other examples of hacks include:

$60 million (4,000 BTC)

$534.8 million (523 million NEM)

$40 million (Various Tokens)

$3.3 million (438 BTC)