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The biggest crypto heists of all time include the Poly Network, <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a>, CoinCheck, Mt Gox, Wormhole, FTX and Ronin Network ones.

In most cases, the cybercriminals exploited vulnerabilities in the blockchains and stole their private keys.

There are rising cases of crypto thefts because of the increase in values of cryptocurrencies, greater organization on part of the malicious actors and lack of crypto regulations.

Keywords: Crypto heists, cryptocurrency, heists, <a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> heist, best heists, crypto thefts, crypto hack, Poly Network, <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a>, CoinCheck, Mt Gox, Ronin Network, Wormhole, FTX
## Introduction
The history of cryptocurrency and the blockchain has been marked by crypto heists. This high incidence of cryptocurrency thefts has resulted in a slow rate of adoption of digital assets, both fungible and non-fungible. Ex<a href="/zh/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>les of the best heists of all time include the Poly Network, <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a>, Coincheck, MT.GOX, Ronin Network, Wormhole and FTX ones. Before discussing these heists let’s explain the reasons for the increase in crypto thefts.
## Why is cryptocurrency theft increasing?
The number of crypto hacks has been increasing over the years, resulting in loss of cryptocurrencies worth millions of dollars. There are several reasons for this trend which include the rising value of cryptocurrencies, lack of regulations and the emergence of hacking syndicates.  
## The rise in the values of cryptocurrencies
Over the years the values of cryptocurrencies have been increasing, luring more people to invest in them than ever before. For instance, the [value of Bitcoin rose from $1, 000 in 2017 to over $60,000 in 2021](https://www.gate.io/hot_news/detail/164/bitcoin-price-over-the-years "value of Bitcoin rose from $1, 000 in 2017 to over $60,000 in 2021"), although it decreased in 2022 to close the year at around $15,000. In a similar manner, the rising value of cryptocurrencies has attracted criminals into the sector. Some of them have become very sophisticated as they use advanced hacking methods.
![](https://gimg2.gateimg.com/image/article/16765108271.png)
Prices of cryptocurrency has been rising over the past years - Bitdegree

### There are many ways of stealing cryptocurrencies
The increase in ways in which the malicious actors can steal from individuals and projects such as exchanges is contributing to the rise in cases of crypto theft.  Although hacking is the leading means of stealing cryptocurrencies there are other methods the attackers can use. These [include phishing](https://www.gate.io/learn/articles/what-is-a-phishing-attack/97 "include phishing"), Malware, sim swapping, private key thefts, wallet vulnerability exploitation and fraudulent investment schemes.
### Many people are not familiar with cryptocurrencies
There are many people who invest in cryptocurrencies as they anticipate high returns but do not have <a href="/zh/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>le knowledge of how they work. Such lack of knowledge leads people to make mistakes that enable cyber criminals to steal from them. For ex<a href="/zh/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>le, some individuals may give their seed phrases or private keys to others when they seek help to process certain transactions or to navigate some platforms.
### Lack of regulations  governing cryptocurrencies
Currently, there are no regulations that govern cryptocurrencies in many countries. This lack of legislation makes it difficult for governments to track down cyber criminals that steal cryptocurrencies and other digital assets. This is the other reason why the criminals operate without much fear.
### The criminals are more organized than before
Some of the criminals behind the cryptocurrency thefts are now organized into structures that are similar to corporations, with physical offices and affiliate programs. The methods and technologies they use are also more advanced than before.
## The 7 largest heists of all time
The crypto sector started experiencing crypto thefts way back, as early as 2014, when the first major heist, that of Mt Gox, took place. However, other crypto robberies followed which include the hacking of <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a>, Poly Network, Coincheck, Ronin Network, Wormhole and FTX. Let’s briefly cover these cryptocurrency heists.
### Poly Network - $610 million
Poly Network, a cross chain network, which was exploited on 10 august 2021 lost cryptocurrencies worth $610 million. However, the cryptocurrencies were later recovered when they negotiated with the hacker. In the Case of Poly Network, the hackers exploited a vulnerability which was on the network.

Following the hack, the Poly Network used Twitter to appeal to the hacker to return the cryptocurrency. Surprisingly, the person responded and promised to return the cryptocurrency. As a result, he/she returned the cryptocurrencies in small batches.

The heist mastermind said that his purpose of hacking the network was not to steal the cryptocurrency but to show that there was a vulnerability. In the end, the Poly Network gave the hacker a reward of $500 000 and invited him to become its security consultant.
### <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a> - $281 million
The next biggest crypto heist involved <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a> and took place in September 2020 where the malicious actor stole cryptocurrencies worth $281 million. In this case, the hackers got hold of the private keys of the hot wallets and drained large amounts of different cryptocurrencies which include Ether (ETH), <a href="/zh/price/stellar-xlm" target="_blank" class="blog_inner_link">Stellar</a> Lumens (XLM), <a href="/zh/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> (TRX), <a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC), <a href="/zh/price/bitcoin-sv-bsv" target="_blank" class="blog_inner_link">Bitcoin SV</a> (BSV), <a href="/zh/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a> (LTC), <a href="/zh/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> (<a href="/zh/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>), and <a href="/zh/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> (USDT).

The indication is that an insider was involved in the hacking incident, although he/she would have cooperated with some outsiders. According to the way the hacking incident unfolded experts believe that  it was the North Korean hacking group, Lazarus that masterminded the heist. However, <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a> was able to recover most of the stolen cryptocurrencies.
### CoinCheck - $532 million
One of the largest heists involved CoinCheck where the hackers stole $532 million. Clearly, this hack was a result of a malware infection on its computers which enabled the malicious actors to access the private keys of the exchange. It is highly likely that the malware was [sent through phishing emails](https://www.gate.io/blog_detail/1425/what-is-phishing-and-how-to-protect-ourselves-from-phishing-attacks "sent through phishing emails").

The hackers stole the <a href="/zh/price/nem-xem" target="_blank" class="blog_inner_link">NEM</a> tokens which were managed through hot wallets. Later, the malicious actors sold the <a href="/zh/price/nem-xem" target="_blank" class="blog_inner_link">NEM</a> on the dark markets which led to its sharp price decrease. As a result of the large loss the exchange suspended its operations and promised to compensate the victims of the theft.
### Mt Gox- $416 million
Mt Gox, which used to conduct more than 70% of transactions in 2014, was hacked and lost $416 million of <a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. The main cause of one of the biggest <a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> heists was a poorly written code which had some vulnerability. Overall, Mt Gox’s security system was very poor since it encountered several hacks after its inception in 2011.

What is surprising is that the cybercriminals were able to steal <a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> from cold and hot wallets. In all, the hackers stole 100, 000 BTC from Mt Gox wallets and 750, 000 from the wallets of its users. The exchange finally closed down after recovering only 200, 000 BTC. The rest of the stolen <a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> was not accounted for.
### Ronin Network - $615 million
Another big exploit took place in March 2022 when [attackers stole $615 million worth](https://www.gate.io/es/blog_detail/1970/2022%E5%B9%B4%E5%8A%A0%E5%AF%86%E5%B8%82%E5%9C%BA%E5%9B%9E%E9%A1%BE?lang=en "attackers stole $615 million worth") of cryptocurrency from the Ronin Network, an exchange that allowed the trading of <a href="/zh/price/axie-infinity-axs" target="_blank" class="blog_inner_link">Axie Infinity</a>’s in-game assets. In fact, the holders of the in-game assets could exchange them for cryptocurrencies on this exchange.

In March, the Ronin Network communicated that some attackers had stolen its private keys and managed to syphon out 173,600 <a href="/zh/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> and 25.5m USDC to their wallets. The hack was only noticed when one user failed to access his/her cryptocurrency. The greatest suspect for this hack is the notorious North Korean Lazarus Group.
### Wormhole - $326 million
On 2 February 2022, the security of Wormhole, a blockchain bridge between <a href="/zh/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> and [DeFi protocols](https://www.gate.io/blog_detail/1672/10-best-defi-protocols-to-invest-during-bear-markets "DeFi protocols") that exist on the <a href="/zh/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain, was compromised leading to a loss of thousands of cryptocurrency.

Basically, the attackers capitalized on a signature verification vulnerability that existed on the cross chain bridge to mint and withdraw 120,000 wrapped ETH (wETH) [worth $326 million](https://www.gate.io/blog_detail/546/blockchain-bridge-blasted-for-326-million "worth $326 million") without putting in the required collateral. The effort to recover the stolen tokens was fruitless.
### FTX- $477 million
FTX, which was one of the leading cryptocurrency exchanges, lost more than $477 million worth of cryptocurrencies on the day which it filed for b<a href="/zh/price/ankr-ankr" target="_blank" class="blog_inner_link">Ankr</a>uptcy. The hackers drained the cryptocurrencies from its wallets and those of its users.

In response, the exchange moved the remaining cryptocurrencies from its wallets. However, it claimed that it recovered most of the stolen assets.
## How to avoid cryptocurrency scams
Currently, there are many cryptocurrency scams that take place from time to time. Therefore, crypto holders should know how to [protect themselves from scammers](https://www.gate.io/blog_detail/674/top-crypto-scams-to-avoid "protect themselves from scammers"). Let’s briefly discuss how they can do that.  

Two factor authentication: It is important to use two factor authentication at cryptocurrency exchanges and DeFi platforms. This is because 2FA adds another layer of protection to your account and digital assets. In this case, you receive a code every time you need to make a withdrawal from your account.

Use an Authenticator app: Using a Google authenticator application for your account is also important.  Since you install the application on your phone there is no way the attacker can access it. The malicious actor can only withdraw your cryptocurrency if he/she gets hold of your phone.
![](https://gimg2.gateimg.com/image/article/16765109542.png)
Google authenticator app - Twilio

Use hardware wallets: Hardware wallets [are the safest](https://www.gate.io/es/article/17919 "are the safest") means of managing your cryptocurrencies. Therefore, instead of keeping the cryptocurrencies on the exchange, withdraw them to your cold wallets. It is very difficult for hackers to access your hard wallet since it is off-line most of the time.

Using s<a href="/zh/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>g passwords: It is best to use s<a href="/zh/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>g passwords which are very difficult for hackers to crack. Generally, a s<a href="/zh/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>g password should have at least eight characters which comprises one or more  capital letters,smaller letters, special characters and numerical figures.

Use genuine applications: One prevalent cause of cryptocurrency scams is installing fake applications, such as desktop wallets. Therefore, the user should download the applications from the correct websites or use the correct <a href="/zh/price/link-ln" target="_blank" class="blog_inner_link">LINK</a>s. For ex<a href="/zh/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>le, there are fake MetaMask applications and crypto project websites.

Never share your seed phrases and private keys: The private keys and seed phrases are important in protecting your cryptocurrencies. Therefore, do not share any of these because anyone with them can withdraw your digital assets.

Do not open files from unrecognized emails: Many hackers and other malicious actors send files that have bad malware using emails. If you open a file on your email with such malware, it can infect your computer or smartphone. This will enable the hackers to steal your private key or seed phrase.
## Conclusion
The adoption of cryptocurrency has been hindered greatly by recurring incidences of hacking. Already, the world has witnessed a do<a href="/zh/price/horizen-zen" target="_blank" class="blog_inner_link">zen crypto</a> heists which include the Poly Network, <a href="/zh/price/kucoin-kcs" target="_blank" class="blog_inner_link">KuCoin</a>, Coincheck, MT.GOX, Ronin Network, Wormhole and FTX ones. Apart from hacks, there are different types of scams which result in loss of our digital assets.
## FAQs
### What is the biggest crypto hack in history?
The biggest crypto hack was the breach of the Ronin Network, which occurred in March 2022, where $615 million worth of Ether (ETH) and <a href="/zh/price/usd-coin-usdc" target="_blank" class="blog_inner_link">USD Coin</a> were stolen. The Ronin Network is a side chain that supports the <a href="/zh/price/axie-infinity-axs" target="_blank" class="blog_inner_link">Axie Infinity</a> game.
### Which crypto made millionaires?
<a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> created many millionaires since its value increased significantly for several years. For ex<a href="/zh/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>le, the price of BTC was $1, 000 in 2017 but increased to over $60,000 in 2021.
### Which company suffered a heist of $615 million worth of crypto?
The Ronin Network, which is a side chain of <a href="/zh/price/axie-infinity-axs" target="_blank" class="blog_inner_link">Axie Infinity</a>, suffered a heist of $615 million worth of cryptocurrency. In fact, the hackers stole 173,600 Ether (ETH) and 25.5m USDC.
### Who made millionaires from crypto?
Changpeng Zhao (CZ), Tyler and Cameron Winklevoss, Brian Arms<a href="/zh/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>g and Michael Saylor are ex<a href="/zh/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>les of individuals who became millionaires because of crypto. Most of them purchased BTC when its price was still low and held it. 


<div class="blog-details-info">
<div>Author: **Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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The Biggest Crypto Heist in History