Unfiltered

3 Big Bitcoin Heists Explored

Introducing wallets then to defunct and to disappear is one of the biggest scamming troupe played in the world of bitcoin and other cryptos. Newer wallets whether they set up to disappear or they leave room for employee-hacker vulnerability to further the plunder of the thieves, they hacking is very common. Several of the most trusted and well-known Bitcoin companies, including the Mt. Gox and the Bitcoinica exchanges, have suffered super high-profile thefts. This leaves us all stunned, as to whether we should earn bitcoins or should we hack into them and make some of it our own.

The Biggest Heist of The Year 2018

Earlier this year, bitcoin was making headlines for its falls and rises, like any other time of the year, and then suddenly people were slammed with a huge $500 million heist of digital tokens from Japanese exchange Coincheck Inc. This was in Feb 2018.

In less than a decade, hackers have stolen $1.2 billion worth of Bitcoin and Ether, two of the most popular digital currencies. Lex Sokolin, global director of fintech strategy, Autonomous Research LLP.

If the scene is so bad what would it be in the coming years?? Well, it is bound to get better with a little help from the new and improved forensics, chain analysis, and government intervention.

Biggest Heist Back in December 2017

NiceHash, a crypto-mining marketplace based in Slovenia, its payment system was compromised and around  $63 million worth of Bitcoin was stolen, painlessly. Although as a public relations maneuver and a crises management strategy, the firm added extra security measures and sought the community’s help to analyze the breach.

Biggest Heist of the Time, in the Year 2013

Sheep Marketplace was an anonymous marketplace set up as a Tor hidden service. It launched in March 2013 and was one of the lesser known sites that only gained love, identity and popularity with the well publicized closure of the Silk Road (dark web) marketplace later the same year. If measured at today’s elevated prices, the figure would be much higher. Back then about 5400 bitcoins, valued at about $6 million at the time were gone to dust.

The Truth!

While Altcoins are less famous for their loss and bitcoin is always a key target by profound hackers because by the virtue of being the original or the first crypto it is a lot more prestigious. Some of the biggest heists have been through bitcoin only startups. The better ones shuffle the fund immediately before the hackers can enjoy them, but once lost, bitcoin is gone and irreversible, unless in future there is a way to retrieve them by going back in time metaphorically and literally.

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Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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