Crypto Hacks Timeline

The world of blockchain and cryptocurrency promises transparency and decentralization, but its history is also defined by a sequence of high-profile security breaches and hacks. As the market matures, understanding this timeline is essential—not only for developers and investors but for anyone who cares about the future of digital assets. This article explores the most significant crypto hacks, their impact, trends in attack vectors, and lessons learned, providing valuable context for users aiming to navigate the digital asset space securely.

The Largest Crypto Hacks: A Historical Overview

Mt. Gox Collapse (2014)

The Mt. Gox exchange hack remains a defining moment in cryptocurrency history. In early 2014, the platform—then handling the majority of global Bitcoin transactions—filed for bankruptcy after revealing that it had lost 850,000 BTC (worth over $450 million at the time, now billions), reportedly due to long-term security lapses and exploitation by hackers. This catastrophe exposed the vulnerabilities of centralized exchanges and set a precedent for industry-wide improvements in security protocols. Read more details in this detailed timeline of Bitcoin hacks.

Coincheck Breach (2018)

In January 2018, Japanese exchange Coincheck suffered an attack that resulted in the theft of $534 million in NEM (XEM) tokens. The breach involved compromised hot wallets, where private keys were accessed via phishing and malware. Coincheck’s swift response—freezing all deposits and withdrawals—could not prevent significant user losses. Regulatory scrutiny intensified in Japan after this event, pushing exchanges to bolster their security —see more here.

The DAO Exploit and Ethereum Fork (2016)

Beyond exchanges, smart contracts have also been targeted. In 2016, the decentralized autonomous organization (The DAO) was exploited for $50 million worth of Ether due to a vulnerability in its code. This incident ultimately led to a controversial hard fork, splitting the Ethereum blockchain into Ethereum and Ethereum Classic. The episode became a landmark case for blockchain governance and the consequences of flawed smart contracts. For comprehensive coverage, visit Wikipedia's entry on cryptocurrency and crime.

Poly Network (2021)

In August 2021, Poly Network, a cross-chain protocol, was hacked for $611 million—one of the largest DeFi attacks ever. Interestingly, most of the stolen funds were later returned by the attacker, highlighting the complex relationship between anonymity, negotiation, and ethics in decentralized finance.

FTX Post-Collapse Hack (2022)

The collapse of FTX in November 2022 sent shockwaves through the industry. Amid bankruptcy proceedings, $477 million in crypto funds were mysteriously drained from FTX wallets. Investigations suggested this was likely an inside job, underscoring the persistent risks of internal compromise, even as regulatory scrutiny increased around major platforms —full rundown here.

Bybit Theft (2025)

The largest crypto theft to date occurred in February 2025, when approximately $1.46 billion in cryptoassets were stolen from Bybit, a Dubai-based exchange. According to forensic reports, malware was used to trick the exchange into approving fraudulent transactions. Notably, this hack was attributed to North Korean cybercriminals, reflecting their increasing sophistication and involvement in the crypto space. This attack set a new record for digital heists and demonstrates how state-sponsored actors now play a major role in crypto-related cybercrime. Get the investigative details via Elliptic's analysis.

Key Trends and Insights

• Centralized Exchanges as Prime Targets: Major attacks have historically targeted centralized exchanges (Mt. Gox, Coincheck, FTX, Bybit), exploiting technological and organizational weaknesses.
• Hot Wallet Security Risks: Many successful hacks involve hot wallets, which are more vulnerable to remote compromise compared to cold storage solutions.
• DeFi and Smart Contract Vulnerabilities: As decentralized finance has grown, so have exploits targeting protocol logic bugs, such as The DAO and Poly Network attacks.
• State-Sponsored Attacks: The attribution of the Bybit hack to North Korea demonstrates the evolving threat landscape, where geopolitical actors leverage crypto theft for strategic gains. For a broader context, see Carnegie’s timeline of financial cyber incidents.

Lessons Learned and How Users Can Protect Themselves

• Cold Storage Is Critical: Keeping large amounts of cryptocurrency in cold (offline) wallets significantly reduces the risk of remote hacks.
• Audit and Vigilance: Users should favor platforms with transparent security audits and rapid response protocols.
• Personal Key Management: Ultimately, users who control their own private keys are far less exposed to centralized platform failures.

The Role of Secure Hardware Wallets

In light of these incidents, the importance of secure storage solutions—especially hardware wallets—cannot be overstated. Devices like OneKey offer robust offline key storage, open-source transparency, and a user-friendly approach to self-custody, helping users avoid the pitfalls that led to many of the largest crypto losses in history.

For anyone serious about safeguarding their digital assets amid the ever-evolving cyber threat landscape, adopting industry-leading security practices and reliable hardware solutions is now a necessity, not a luxury.

Stay informed, stay vigilant, and always prioritize control over your keys.