The third most impactful financial hack of the decade took place just last year, when hackers stole $280 million from Singapore-based cryptocurrency exchange KuCoin. Creditors of the defunct crypto exchange are reportedly still awaiting a resolution and are in the midst of voting on a draft rehabilitation plan for assets still held by the exchange. Unlike most other crypto hacks, where the attackers primarily stole Bitcoin from exchanges, the KuCoin hackers stole $152 Ethereum-based altcoins.
The Mt. Gox hack, which spanned from 2011 to 2014, saw $450 million user funds stolen by hackers. Another Japanese crypto exchange hack comes a close second.
The theft from Mt. Gox resulted in approximately 850,000 bitcoins being stolen from customers, leading to the eventual bankruptcy and closure of the exchange in 2014, according to the report. The amount of stolen Bitcoin would be worth nearly $46 billion at today’s prices. The report noted that this was “the biggest theft in the history of the world,” which forced Coincheck to freeze all transactions.
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“With their huge volumes and lack of KYC checks, DEXs have become an obvious choice for money laundering in crypto,” noted crypto analytics firm Elliptic. Hackers reportedly used decentralized exchanges (DEXs) like Uniswap and Kyber to exchange the stolen tokens for the cryptocurrency Ether.
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