Do you think Cryptocurrency will be our future currency if you are saying yes then you may think again. It will be too early to assume that because it’s not easy to adapt by noobs. In the history of cryptocurrency we have seen lot of hacks and scams which has victimised to lot of noobs and non noobs over the period of time.
Today I read a news about XVG that fell victim to an all-too-familiar hack of the type that continues to plague the digital asset industry. The attack was the second on the XVG coin after an April attack of 250,000 coins, which led to a decline of 25% in the value of Verge.
However, in the history of cryptocurrency hacks, the $1.4 million heist ranks well down the list.
Check out following illustration about the biggest hacks/scams in crypto history from website HowMuch.net:
While it may make sense for exchanges to tighten security, the data suggests they are not. There have been 13 hacks of more than $10 million, with 12 of them coming after June 2016.
“A general trend is immediately obvious about our visualization: cryptocurrency hacks have generally become more common and more valuable over time. $10M+ hacks started happening with some regularity after the summer of 2016, right when the crypto-market started taking off.” wrote howmuch.net in its report.
The biggest hack remains the infamous Mt. Gox hack of 2014 where 850,000 bitcoin BTCUSD, -3.98% worth $450 million at the time, was stolen, leading the exchange filing for bankruptcy and begin liquidation proceedings.
Those numbers only who reported officially but numbers will be bigger if everyone would have filed their report.
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Note: This post is re-written from the marketwatch.com you can read the original post here
