The cryptocurrency industry, despite its promise of decentralized finance and strong security, has been marred by significant breaches. Over the past decade, hackers have exploited vulnerabilities in blockchain protocols, decentralized finance (DeFi) platforms, and crypto exchanges, stealing billions of dollars in digital assets.
In a new article from HiRiBi, we offer you to review the 10 most high-profile cases in the history of cryptocurrencies.
1. Bybit Hack: $1.5 Billion
In February 2025, Bybit, one of the largest cryptocurrency exchanges, suffered a massive breach, with hackers stealing over $1.5 billion worth of Ethereum. The breach was made easy by vulnerabilities in Bybit’s multi-signature wallet system, where the attackers used compromised infrastructure from Safe{Wallet}, a third-party provider. The attack was traced to the Lazarus Group, a North Korean state-sponsored hacking collective.
Despite the significant loss, Bybit was able to acquire emergency funding from firms like Galaxy Digital and Wintermute, replenishing its reserves within 72 hours.
2. Ronin Network (Axie Infinity): $625 Million
On March 23, 2022, the Ronin Network, which supports the popular blockchain game Axie Infinity, was hacked for approximately $625 million in Ethereum and USDC. The hack was also traced to the Lazarus Group, which exploited a vulnerability in the network’s validator nodes. While Sky Mavis, Axie Infinity’s developer, managed to recover $5.8 million of the stolen funds, most remain unaccounted for.
3. Poly Network Hack: $610 Million
A lone hacker exploited Poly Network, a decentralized finance (DeFi) platform, in August 2021 for $610 million. The hacker took advantage of a vulnerability in the network’s smart contracts, siphoning funds to their wallet. After an appeal by the project’s developers on X (formerly Twitter), the hacker cooperated, returning over $300M in just two days. Most of the stolen funds were recovered, with the hacker keeping only $33M USDT. It later emerged that they had targeted the network “for fun.”
4. Binance BNB Bridge: $569 Million
Binance suffered a massive exploit in October 2022 where the attackers made off with nearly $569M. The breach targeted BSC Token Hub cross-chain bridge, where a vulnerability in a smart contract allowed the hackers to mint 2 million unauthorized BNB tokens.
5. Coincheck: $534 Million
In January 2018, Japanese exchange Coincheck was hacked for $534 million worth of NEM tokens. The attackers gained access to the exchange’s hot wallets, which lacked proper security measures due to a shortage of employees, according to the exchange. The breach went unnoticed for nearly eight and a half hours. Coincheck initially stated that it might not be able to compensate all affected users, but later repaid all 260,000 affected users using its own capital.
6. Mt. Gox Hack: $470 Million
Mt. Gox, once the leading Bitcoin exchange, suffered the first major crypto hack in 2011, losing 25,000 bitcoins valued at about $400,000. However, the most devastating blow came in 2014 when the platform revealed that nearly 850,000 BTC, 650,000 belonging to customers and 100,000 to the company, had been stolen, amounting to approximately $470 million at the time. The breach, which stemmed from years of undetected theft via the exchange’s hot wallet, exposed severe lapses in security and internal oversight. Mt. Gox eventually filed for bankruptcy and recently kicked off plans to compensate affected users.
7. Wormhole: $321 Million
In February 2022, Wormhole, a cross-chain bridge between Ethereum and Solana, was exploited for $321 million. The attacker targeted the platform’s smart contract, allowing them to mint unauthorized tokens. This was made possible by an upgrade to the project’s GitHub repository, which had not yet gone live. Jump Crypto, the platform’s backer, stepped in to replace the stolen funds to maintain the project’s integrity.
8. KuCoin: $281 Million
The KuCoin hack occurred on September 25, 2020, when hackers stole over $281 million worth of cryptocurrency from the exchange. The stolen assets included Bitcoin, Ethereum, and various ERC-20 tokens. Initially, the hackers attempted to sell the stolen tokens on regular exchanges but were quickly blocked. They then turned to decentralized exchanges (DEXs) like Uniswap and Kyber Network to launder the funds. Despite the use of DEXs, blockchain monitoring tools such as Elliptic and Chainalysis were still able to trace the stolen funds. KuCoin managed to recover approximately $204 million of the stolen funds.
9. Bitmart: $196 Million
In December 2021, Bitmart, a global cryptocurrency exchange, became the target of a massive hack that resulted in the theft of approximately $196 million. The hackers accessed Bitmart’s hot wallets by obtaining private keys and draining assets from multiple tokens. Although Bitmart pledged to compensate affected users and enhanced its security protocols afterward, the breach exposed the vulnerability of exchanges, particularly in the handling of private keys.
10. Bitfinex: $72 Million
In August 2016, Bitfinex exchange was breached, and the hackers made away with approximately 119,754 BTC, valued at $72 million at the time. The breach was linked to vulnerabilities in the exchange’s security system, which allowed the hackers to make over 2,000 unauthorized transactions. In 2022, U.S. authorities arrested two individuals in connection with the hack and recovered more than 75% of the stolen funds.
Final Thoughts
The crypto industry has come a long way since the early days of these massive hacks, but there’s still much to be done to protect users’ assets. Multi-signature wallets, better smart contract auditing, and user education on how to securely manage their assets are essential steps forward. As more institutional investors enter the market, the need for stronger security protocols will only increase. For investors, the key takeaway is to stay informed, diversify holdings, and never underestimate the importance of securing private keys.
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