Image Sourced from: https://howmuch.net/articles/biggest-crypto-hacks-scams
HowMuch.net have uploaded this rather frightening image, which displays some of the biggest cryptocurrency hacks to have taken place across the past seven years. The graphic shown displays losses from between $1Million and $300Million as represented by different sized and different coloured dots on the screen. The data, as quoted, has been sourced from CryptoAware.org.
As you can see from the image, large scale hacks have grown over time, with the more significant hacks starting around the start of 2014, prior to the hack of Mt. Gox ($450Million worth) the majority of ‘large’ hacks only saw losses of $3Million maximum.
As time goes on, the velocity and the scale of hacks certainly increases, this no doubt follows the trend of increased cryptocurrency value and of course, increased popularity. As more players enter the industry, more vulnerabilities become exposed and thus, the greater the damage the hackers can implement.
As HowMuch.net states, the values represented here are the values of the currencies at the time of the theft. Interestingly such hacks will encourage currencies to take huge losses, so, when a hacker or group of hacker’s steals $450Million worth of coins, they can bet that the value of the coins will deplete almost instantly.
Of course, this isn’t an issue for hackers as generally they haven’t made an investment, the stolen product is pure profit, but remember, the profit isn’t going to be as much as what was initially stolen, unlike say, the theft of a physical FIAT currency, such is the beauty of the volatile cryptocurrency market.
Many of us do know about the majority of these hacks, we read crypto-news and of course, these events do make headlines. Seeing the big hacks all presented on one infographic however does start to help us raise questions and really provides a stunning perspective over the whole thing. Cryptocurrencies are dangerous assets, the figures presented to us here remind us just how vulnerable we are.
What I am trying to say here, the take home message of this is that you should really care for your assets, hopefully, this provides you with a stark reminder of just how vulnerable they are.
You can see the full article by HowMuch.net here- https://howmuch.net/articles/biggest-crypto-hacks-scams
They raise some interesting questions and have worked really hard on making this information accessible and interesting.
Overall, cryptocurrencies offer incredible opportunities, these hacks shouldn’t put you off, they should simply remind you to remain vigilant. Do your research and be confident in how you care for and store your assets. As regulations step up, we hope to see less of this happen. In 5 years-time we invite HowMuch.net to create a similar chart, hopefully if this happens we will see a cluster of hacks form between 2014 and 2018, tailing off after this point as regulations appear and start to help us ensure this can’t happen anymore.
Featured Image Original Source: Pixabay