|Jul 08, 2018 05:00 PM||By: John Patrick Mullin | 7194 Views|
We have a list of some major cryptocurrency exchange hacks in 2018. The recently hack of South Korea's exchange is one of the biggest hacks in the cryptocurrency space, thieves stoles $30 million in the digital token. As of now, this is the biggest thefts of the digital token in 2018 of now. But is not the only one.
The cryptocurrencies are propagated everywhere, so the security system to protect customers and exchanges is difficult to design because the thieves are always trying to hack. After the hacks of biggest South Korea's biggest cryptocurrency exchange Bithumb, Its crystal clear that the biggest player in the cryptocurrency world although not safe. Here are some of the cryptocurrency hacks so far in 2018.
Reported by cointelegraph.com Bithumb hack occurred on June 19, with $30 million of the stolen token. After that, the Exchange also ensure the customers that there will no impact on their wallets, and the exchange remains unscathed. As we know, Bithumb is sixth-largest cryptocurrency exchange all over the world according to its volume but is still shifts to 10th place. Thieves focused only on hot wallets because is mechanism is less safe than the cold wallet.
Over a week before Bithumb again a South Korean exchange Coinrail was hacked. And this loss was more than Bithumb, and that was around $37.2 million worth of digital currency back from the hot wallet. After hacks bitcoin lost about 11% of this net value. The exchange is immediate goes to shut down to repair their damage, and its plans to reopen within this month.
In early February an Italian Exchange named BitGrail was hacked. According to some of the team member, $195 million of the nano token was stolen by thieves. The blame rest with Francesco Firano BitGrail founder, the nano development team or hackers as per the cointelegraph.com suggests.
In January a Japanese exchange named Coincheck again from the hot wallet. It suffered about $543 million. According to NEM Foundation president Lon Wong "the biggest theft in the history of the world.". But the Coincheck survived from the biggest hacks and was continuing to operate until it was bought in April by a traditional Japanese financial services company called Monex Group.