The world of cryptocurrency has brought groundbreaking financial innovation, but it has also become a major target for cybercriminals. Some of the Top Crypto Exchange Hacks have resulted in billions of dollars in stolen assets, shaking investor confidence and exposing serious security vulnerabilities.
As digital currencies gain mainstream adoption, hackers continue to exploit weaknesses in exchange platforms, making security a top concern. Understanding these major breaches is crucial for traders, investors, and exchanges alike.
The Biggest Crypto Exchange Hacks in History:
1. Bybit Hack (2025) – $1.5 Billion+ Lost
The most recent and largest crypto hack occurred in 2025 when Dubai-based Bybit fell victim to a sophisticated cyber-attack. The breach targeted its Ethereum holdings, leading to a loss of over $1.5 billion. Hackers exploited vulnerabilities in a wallet transfer process, intercepting and redirecting funds to an unknown address. Despite the scale of the attack, Bybit assured users it would cover all losses, showcasing its financial strength. This event, however, raised serious concerns about wallet security across exchanges.
2. Coincheck Hack (2018) – $534 Million Stolen
In 2018, Japanese exchange Coincheck suffered one of the most devastating crypto heists, with hackers stealing $534 million worth of NEM tokens. The root cause? Poor security measures, as the exchange stored a massive amount of assets in an easily accessible hot wallet instead of more secure cold storage. This hack led to tighter regulations in Japan and served as a wake-up call for exchanges worldwide.
3. Mt. Gox Collapse (2014) – $473 Million Gone
Once the world’s biggest Bitcoin exchange, Mt. Gox became infamous for its massive hack in 2014, which saw 850,000 BTC vanish, valued at $473 million at the time. Poor security, outdated infrastructure, and internal mismanagement made the exchange an easy target. The loss was so significant that Mt. Gox declared bankruptcy, leaving thousands of users stranded. Even today, victims are still awaiting compensation for their lost funds.
4. DMM Bitcoin Hack (2024) – $305 Million Stolen
A more recent breach occurred in 2024 when Japan-based DMM Bitcoin reported a security breach leading to $305 million in stolen funds. The attack targeted the exchange’s hot wallet, reinforcing concerns about centralized exchanges relying too much on online wallets. While DMM Bitcoin promised full reimbursement, the incident shook investor confidence in the security of crypto platforms.
5. KuCoin Attack (2020) – $281 Million Heist
In 2020, the popular exchange KuCoin faced a major security breach, where hackers gained access to its hot wallets, siphoning off $281 million in cryptocurrencies. Unlike other attacks, KuCoin was able to recover a significant portion of the stolen funds by tracking transactions and working with blockchain networks. This event highlighted the importance of quick responses and collaboration within the crypto industry.
6. WazirX Breach (2024) – $234 Million Stolen
India’s largest crypto exchange, WazirX, was targeted in 2024, with attackers making off with $234 million worth of digital assets. This hack raised alarm bells within the Indian crypto community, leading to increased government scrutiny. The attackers exploited API vulnerabilities, demonstrating how even advanced security systems can be breached if not constantly updated.
7. BitMart Hack (2021) – $196 Million Loss
In 2021, BitMart fell victim to a cyber attack that resulted in the loss of $196 million across multiple cryptocurrencies. Hackers used stolen private keys to drain funds from hot wallets. The exchange vowed to reimburse affected users, but the attack exposed the dangers of storing large sums in online wallets.
8. Bitfinex Breach (2016) – $72 Million Stolen
One of the largest crypto hacks at the time, the Bitfinex breach in 2016 saw hackers steal 119,756 BTC, valued at $72 million. The exchange used a multi-signature wallet system, which, ironically, was intended to improve security. However, attackers bypassed security protocols and withdrew funds over time. Years later, in 2022, US authorities recovered a portion of the stolen funds, marking a rare success in tracking down stolen crypto.
9. Upbit Attack (2019) – $51 Million Loss
South Korea’s Upbit exchange suffered a significant hack in 2019, where attackers transferred $51 million worth of Ethereum from the exchange’s wallets. Suspiciously, the funds were moved during maintenance, leading many to speculate whether it was an inside job. The case remains unsolved, but Upbit fully compensated users for their losses.
10. Binance Security Breach (2019) – $40 Million Theft
In 2019, global giant Binance experienced a breach where hackers stole 7,000 BTC, valued at $40 million. The attackers used phishing, malware, and API exploits to gain access to user accounts. Binance swiftly covered all losses through its Secure Asset Fund for Users (SAFU), reinforcing trust in the exchange despite the attack.
What These Hacks Teach Us About Crypto Security
These high-profile hacks reveal several key lessons for both exchanges and investors:
1. Hot Wallets Are High-Risk
Most of these hacks targeted hot wallets, which are always online. Storing large amounts of crypto in cold storage significantly reduces risks.
2. Regulatory Oversight is Crucial
Stronger regulations and security audits can prevent exchanges from cutting corners on security.
3. Users Must Take Precautions
Investors should always enable two-factor authentication (2FA) and store their crypto in secure wallets rather than leaving everything on exchanges.
4. Cybersecurity is an Ongoing Battle
Hackers constantly evolve their tactics. Exchanges must regularly upgrade security and conduct routine audits to stay ahead.
Final Thoughts
While cryptocurrency offers financial freedom and innovation, security remains a major concern. The largest hacks in crypto history have exposed vulnerabilities in exchange security, wallet storage, and internal controls. As the industry matures, robust cybersecurity measures and user awareness will play a vital role in preventing future breaches.
For crypto traders and investors, the key takeaway is simple: Never store all your assets on an exchange—security is always in your hands.
