On this fateful day of February 21, 2025, the cryptocurrency exchange Bybit felt the heavy hand of fate, as more than $1.4 billion vanished, snatched away in what might be the most audacious heist the digital frontier has ever seen. It was not just a breach; it was the kind of drama that would make even the most seasoned outlaw tip their hat in respect. This singular act represented over 60% of all crypto funds lifted during the year of 2024, according to the keen eyes at Cyvers. Now that’s a figure that could make a banker weep! 💸
In this digital age, hacks and scams have become as regular as pigeons in the park, casting a shadow over an industry that many deem to be engaged in ‘facilitating crime.’ Ironically, as observed by the sleuths at Chainalysis, the honest uses of cryptocurrency have been multiplying faster than a rabbit in spring, while the illicit stuff seems to be stuck in a slow crawl. Who would’ve thought? 🐇
Despite this gallant growth of legitimate use, the economy of hackers continues to flourish like weeds in an untended garden, especially when crypto prices start gathering steam. By the middle of 2024, hacks had racked up a staggering total of $19 billion, according to Crystal Intelligence, proving that crime certainly pays in this digital gold rush. 🤑
As the feted list of big hacks shows below, the recent Bybit catastrophe dwarfs them all, revealing a history of audacity that’s both alarming and, dare we say, entertaining.
Ronin Network
Before the rise of Bybit, there was Ronin Network, the unfortunate soul that tasted the bitter pill of being the biggest crypto hack victim. Back in March 2022, their Ethereum sidechain, meant for the Axie Infinity play-to-earn extravaganza, was pillaged for over $600 million worth of Ether (ETH) and USD Coin (USDC). Like a tapeworm of digital data, Ronin managed to recover only a mere crumb of the stolen funds. 🍞
This brazen attack was blamed on the Lazarus Group, a shadowy force allegedly tied to the North Korean regime. They’re said to have captured a jaw-dropping $1.34 billion in crypto just in 2024 alone. Talk about a score! 💥
Rumor has it since 2020, they’ve been washing their hands…of hundreds of millions in digital loot.
Poly Network
Then came the Poly Network incident in 2021, where the dastardly hackers managed to swipe over $600 million in a grand scheme labeled by SlowMist as “long-planned, organized.” Ain’t that just a fancy way of saying they were as shrewd as a fox? 🦊
The heist drained funds from all directions: $273 million from Ethereum, $253 million from BNB Smart Chain, and $85 million from the Polygon network. They dubbed it the biggest decentralized finance exploit of its time, but one must wonder, is there a trophy for such a title? 🏆
In a strange twist, nearly all the stolen funds were eventually returned, save for a $33 million “misunderstanding.” Quite generous, wouldn’t you say? 😂
Binance BNB Bridge
In October 2022, Binance’s BNB Chain faced its own reckoning when hackers made off with roughly $568 million. These rogues exploited the BSC Token Hub with the finesse of a seasoned cat burglar, issuing 2 million BNB before making a hasty getaway. Talk about a slippery operation! 🐱👤
Former Binance CEO Changpeng Zhao confirmed the exploit “resulted in extra BNB.” Extra? Sounds like a bakery mishap where they ended up with one too many loaves! 🍞
Coincheck
Ah, and let us not forget the tale of Coincheck, a brave little exchange robbed in early 2018 of $534 million worth of NEM (XEM) tokens. Their efforts to recover from a transactional disaster were as inspiring as they were tragic. 🥺
The thieves exploited a hot wallet, conducting unauthorized transactions faster than a sneeze in the wind, leaving all the exchange’s users to ponder their fate. And in a turn of genuine nobility, Coincheck vowed to repay its 260,000 victims, and miracle of miracles, BBC later reported that they followed through! 😮
FTX
Finally, we arrive at FTX. Just as it was tumbling down the rabbit hole in November 2022, they found themselves snagged by a series of unauthorized transactions, swiping $477 million right from their coffers. By January 2023, they’d identified $415 million as “hacked crypto.” Now that’s some quick backpedaling! 🥴
Though the culprit remained at large, former FTX CEO Sam Bankman-Fried suggested it was either an ‘ex-employee’ or someone’s computer got a generous helping of malware. He seemed to have narrowed it down to eight suspects before getting locked out of the company’s internal systems. Classic! 🤦♂️
Eventually, by January 2024, US federal prosecutors kicked into gear, identifying and charging three individuals for this dastardly deed. Looks like they ended up with more than just a slap on the wrist! 🙃
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2025-02-22 00:30