Crypto hacks that shook the world in 2021
There has been a significant rise in cybercrimes across the globe with hackers on a constant war path to find loopholes within the secure systems that are employed. Despite the various safety precautions taken by exchanges and tech firms, exposure of user data still seems very critical. Here are some of the crypto hacks that threatened the digital world in 2021:
The BitMart Hack ($196 million loss)
Hackers were able to breach the security of two hot wallets belonging to the BitMart crypto exchange with a stolen private key. The company suffered a major loss primarily of $100 million on just the Ethereum chain. This hack that occurred in December of 2021 threatened the security of users as majority of the liquid portion of their digital assets were stored within these hot wallets.
The Poly Network hack ($610 million loss)
In August of 2021, the largest cryptocurrency hack in history was carried out by a hacker who claimed to have done so to expose a security loophole in the smart contracts employed by the company. However, the amount was immediately retrieved without customers suffering any loss.
The Vulcan Forged Hack ($135 million loss)
Vulcan Forged also was a victim of a recent hack that also took place in December of 2021, where hackers stole the crypto wallet private keys of 96 users, out of a total of 6501 at the time. They went on to steal 9% of all available PYR tokens (4.5 million PYR), leaving a loss of $135 million. Users who had their digital assets compromised have been promised compensation by the company.
Badger DAO Hack ($120 million loss)
A strategically planned attack led to the theft of Bitcoin and Ethereum assets from hundreds of user wallets as malicious code was forced into the platform’s website front-end almost a month before the attack. A blockchain security firm by the name of Peckshield identified the single biggest loss, of 896 Bitcoin from one wallet, which is worth $44 million at current prices.
Boy X Highspeed (BXH) ( $139 million loss)
Another decentralized exchange witnessed a major hack in November of 2021 where a hacker stole an imperative administrator key which lead to a loss of around 139 million dollars for the exchange. The hacker still remains at large & the exchange has promised a reasonable reimbursement to the users that suffered a loss of their digital assets.
These are only some of the hacks that took place in 2021 with multiple exchanges constantly being hacked & users losing out on millions. Completely comprehending these security issues, CoverCompared is providing a plethora of crypto-asset based insurance policies priced at incredibly affordable rates, without having to pay heavy gas fees, that cannot be found on any other platform.
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