Cryptocurrency revolutionized the game, and maybe it is the future of money. But every good thing has its dark side, too, and crypto has hackers.
Crypto keeps developing, but so do the dangers. In 2024 alone, hackers stole a record-breaking $2.2 billion via exploits and breaches—a 17% hike from 2023.
Total losses over the last three years have now exceeded $7.7 billion. The average hack in 2024 reached a staggering $14 million, reflecting the increasing size and complexity of cybercrimes.
The $7.7 billion lost due to crypto hacks since the last three years equates to nearly the entire GDP of small countries like Belize and Malta, as well as 7.5% of that of Sri Lanka whose GDP stood at an estimated $103.5 billion in the year 2023, exemplifying the whopping magnitude of the cyberattacks.
DeFi protocols continue to be the largest targets, and with 2025 already having witnessed major breaches, it is evident that the attacks are far from slowing down anytime soon. The world of crypto continues to struggle with advancing threats, thus, the industry must keep refining its defenses.
What Is The Crypto Hack?
A crypto hack is when an individual illegally accesses digital currencies such as Bitcoin, Ethereum, or other digital currencies. Hackers typically target exchanges, wallets, or smart contracts to steal money.
These hacks can occur in numerous ways, such as by discovering bugs in the code, deceiving users with scams (phishing), or taking advantage of poor security systems.
Because crypto transactions are irreversible and usually anonymous, once stolen, the money’s very difficult to trace or retrieve.
In essence, a crypto hack is an advanced robbery of digital cash.
10 Crypto Hacks to Know
Let’s have a look at the largest crypto hacks of 2025 and later — the high-stakes online heists that rocked the blockchain community to its foundations.
10. WazirX Hack 2024: $230 Million Crypto Vanishes
WazirX is India’s largest cryptocurrency exchange, founded in 2018 to meet the growing demand for digital currencies. WazirX is also known for being regulatory compliant and having good security measures in place.
On July 18, 2024, WazirX was hit by a huge hack, losing approximately $230 million (₹1,900 crores) in crypto from one of its primary wallets. This loss represented almost half of WazirX’s overall assets and was reportedly associated with North Korea’s Lazarus Group.
Stolen money comprised $PEPE, $ETH, $USDT, and $SHIB, which were quickly liquidated into other assets. The breach raised some serious security issues regarding the platform.
9. DMM Bitcoin Hack 2024: $305 Million Stolen
Japanese cryptocurrency exchange DMM Bitcoin was hacked in May 2024, and the hackers stole 4,500 BTC ($305 million). The hack is still a mystery, but the North Korean Lazarus Group is thought to be behind it.
The event highlighted the growing possibility of state-sponsored attacks on Bitcoin exchanges. Following the incident, DMM Bitcoin worked to stabilize its business by acquiring over $320 million in funding and adding more Bitcoins as capital to protect its users.
In December 2025, DMM Bitcoin stated it would transfer its customer accounts and assets to SBI VC Trade, shutting its operations after imposing prolonged trading and withdrawal limitations..
8. Wormhole Hack 2022: $325 Million Stolen in DeFi Exploit
In February 2022, a hack of the DeFi platform Wormhole resulted in the theft of $325 million. The assault targeted an undeployed upgrade to the project’s GitHub repository, emphasizing the dangers of incomplete or incorrectly distributed upgrades in DeFi systems.
The hack affected Solana, where $47 million of the funds stolen were in Solana’s native SOL token. Wormhole had to quickly fill the money gap, but the funds never fully materialized.
7. Mt. Gox: The Crypto Hack That Changed Everything
Previously, Mt. Gox was the largest Bitcoin exchange globally, managing around 70% of all Bitcoin transactions. It started in Japan in 2010 but got hacked in 2011, losing 25,000 bitcoins. Even though they promised better security, a much bigger hack happened in 2014.
During the 2014 hack, approximately 850,000 bitcoins disappeared — 750,000 belonging to users and 100,000 belonging to the exchange itself. At that time, the loss was estimated to be worth $473 million. The hackers exploited vulnerabilities in Mt. Gox’s system, particularly in the exchange’s online wallet. The company did not realize the theft for years because of weak security and poor management.
The hack stunned the world of crypto, revealing the dangers of early exchanges. Mt. Gox collapsed and went bankrupt. It brought tighter regulations, improved wallet security, and demands for user insurance. A plan of repayment was eventually filed with a Japanese court.
6. FTX: $477 Million Stolen in Hack After Collapse
FTX was one of the largest cryptocurrency exchanges, founded in 2019 by Sam Bankman-Fried and Gary Wang. In November 2022, it suddenly collapsed due to serious misuse of customer funds. This led to a loss of around $8.9 billion in user assets, both in crypto and traditional money.
On the same day FTX filed for bankruptcy, hackers stole over $477 million from the platform’s wallets. Many users found their balances had dropped to zero. The exchange warned people not to use its app or website, saying they might contain malware. The hack is believed to have been an inside job, though in 2024, a SIM-swapping gang linked to the theft was also uncovered.
The event revealed how vulnerable crypto exchanges are during financial crises. It stressed the need for strong security, even during shutdowns. Sam Bankman-Fried got 25 years in prison, while Gary Wang avoided jail by cooperating.
Also Read: All about FTX Crash and Chaotic turn of Events: Crypto Doom
5. Coincheck: The $534 Million Hack
In January 2018, Japan’s crypto exchange Coincheck was hacked, and $534 million worth of NEM coins were stolen. Hackers used a phishing attack to access hot wallets, spread malware, and move the funds. At the time, this was the biggest crypto theft in history.
Coincheck rapidly froze all deposits and withdrawals, but the exchange acknowledged it might not be in a position to pay back user losses. Thereafter followed a detailed inquiry, and as of 2021, it transpired that most of those who were involved came from high-income backgrounds.
Even after this major hack, the company survived and eventually got acquired by the Monex Group. Since this hack, Japan has focused more on regulations and increased oversight by the Financial Services Agency.
4. Binance BNB Bridge: A $569 Million Attack
The next major attack was when Binance was hit by a massive hack valued at around $569 million in October 2022. Hackers exploited a vulnerability in a smart contract on the BSC Token Hub, a cross-chain bridge, and managed to mint and withdraw 2 million more Binance Coins (BNB).
This incident was among the largest in history for cryptocurrencies and exposed extreme weaknesses in blockchain technology. It highlighted the importance of stronger security, including widespread testing and auditing of smart contracts, most importantly in networks that connect multiple blockchains.
3. Poly Network: A $600 Million DeFi Hack
In August of 2021, Poly Network was hacked using a DeFi smart contract exploit, and over $600 million was taken. This was one of the largest crypto hacks on record. Among the stolen funds were $33 million in Tether (USDT).
Surprisingly, the hacker subsequently stated the attack was performed “for fun” and started to return the funds. Within two days, around $300 million had already been recovered, and Poly Network established special addresses to facilitate the return process.
This episode highlighted the fact that not all hackers are motivated exclusively by profit. It was also a wake-up call for the DeFi sector to audit smart contracts and beef up security on decentralized networks.
2. Ronin: The $625 Million Axie Infinity Hack
In March 2022, hackers made off with approximately $625 million worth of Ether and USDC from the Ronin Network, which backs the hit figure game Axie Infinity. This is currently the largest crypto hack ever.
Experts later blamed the attack on the North Korean state-sponsored hacker organization, the Lazarus organization. Although developer Sky Mavis recovered around $5.7 million, the majority of the funds are still gone.
The hack revealed serious security vulnerabilities in blockchain bridges and raised concerns over state-backed cyberattacks in cryptocurrency. It also advocated for enhanced safety protocols throughout DeFi platforms.
1. ByBit: The Greatest $1.5 Billion Hack
Recently, the largest crypto hack has occurred. On February 21, 2025, Bybit was hacked, and it lost around $1.4-1.5 billion in Ethereum. The private key leak in the hot wallet system was exploited first by hackers, and they used social engineering techniques to deceive signers and gain access to a cold wallet.
Bybit’s CEO acted quickly, announcing the breach and launching a bounty program to recover the stolen money. Within days, the U.S. FBI formally charged North Korean hackers with the hack.
The hack revealed that even cold wallets, which are believed to be safe, are not immune to advanced attacks. Although Bybit was able to restore reserves and proceed with customer withdrawals, the recovery of the money is still a challenge because the hackers employed complex laundering techniques.
The Real Tactics Behind the Biggest Hacks
Crypto hacks may sound like sci-fi crimes from a movie—and believe it or not, they sort of are. Hackers employ a combination of sneaky tricks and technical loopholes to pilfer millions (sometimes billions) in a matter of minutes. Let’s dissect the most popular methods they use.
One of the largest threats is exchange and wallet hacks. Even cold wallets, where funds are meant to be secure because they’re not online, have been compromised. Attackers can infiltrate internal networks or employ supply chain attacks to access them.
The other popular way is through smart contract exploits. Most DeFi protocols utilize smart contracts to conduct transactions, but if weak code or a bug is found, hackers exploit it and steal money, as happened in the Poly Network hack.
Theft of the private key is one of the biggest dangers in the cryptocurrency space. They steal the keys using phishing emails, imitation websites, or malware. They get access to the wallet and can do whatever they want with it, just like they did during the Coincheck hack.
Phishing and social engineering are also common. Attackers impersonate trusted sources through spurious sites or mail and trick users into sharing their passwords or keys. Even seasoned users can be fooled.
Lastly, blockchain bridge attacks are developing rapidly. Such bridges allow users to transfer assets between blockchains, but the majority of them are poorly secured. The hack of Ronin Network, attributed to North Korea, is a prime example.
Who’s Really Behind These Heists?
It’s not bored teenagers in the basement anymore. Most of these hacks are accomplished by highly funded cybercrime gangs or even nation-state teams, such as North Korea’s Lazarus Group, which uses stolen cryptocurrency to fund national activities. These organizations employ developers, strategists, and even support staff, just like an actual company.
On the other hand, there are also white-hat hackers—the good guys—working to identify bugs before the bad guys. Consider them to be the ethical hackers working to make the crypto world a little bit safer.
Crypto Protection Tips: Stay Safe from Hacks
Here are some simple steps that you can take for the protection of your digital wealth.
- Multi-signature wallets involve several approvals for transactions, and it is more difficult for unauthorized users to access. MFA provides an additional layer of security through the need for multiple verification processes before access is provided.
- Private keys stored offline in secure environments are protected from online attacks.
- Safeguarding crypto assets across various wallet types minimizes the possibility of a single point of failure.
- Confirming that DeFi platforms have been thoroughly audited guarantees the security of smart contracts and reduces vulnerabilities.
- Phishing scams can be avoided by constantly double-checking website URLs and being cautious with links.
- Regular software updates guarantee the application of security fixes, guarding against known vulnerabilities.
Also Read: Crypto Security 101: Protecting Your Crypto Assets from Hackers
Conclusion
The world of cryptocurrency, despite its rapid growth, remains highly vulnerable to hacks and cybercrimes. From minor violations to large-scale heists worth billions, these attacks reveal vulnerabilities in exchanges, wallets, and blockchain networks.
While hackers are constantly refining their tactics, the world of crypto needs to keep up at lightning speed. Every hack is a new lesson, teaching the sector to become more resilient. Learning from these high-profile hacks, there is hope for the future of cryptocurrency to be better protected, with less risk of losing digital currency and a cleaner environment for all parties involved.
