{"id":6708,"date":"2024-02-19T16:58:04","date_gmt":"2024-02-19T16:58:04","guid":{"rendered":"https:\/\/icoholder.com\/blog\/?p=6708"},"modified":"2025-01-23T19:11:34","modified_gmt":"2025-01-23T19:11:34","slug":"protecting-cryptocurrency-from-theft-key-security-practices","status":"publish","type":"post","link":"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/","title":{"rendered":"Protecting Cryptocurrency from Theft: Key Security Practices"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#1_Ronin_Network_625_Million\" >1. Ronin Network $625 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#2_Poly_Network_611_Million\" >2. Poly Network $611 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#3_Binance_586_Million\" >3. Binance $586 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#4_Coincheck_534_Million\" >4. Coincheck $534 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#5_Mt_Gox_473_Million\" >5. Mt. Gox $473 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#6_FTX_400_Million\" >6. FTX $400 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#7_Wormhole_Network_325_Million\" >7. Wormhole Network $325 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#8_Euler_Finance_197_Million\" >8. Euler Finance $197 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#9_BitMart_196_Million\" >9. BitMart $196 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#10_Nomad_190_Million\" >10. Nomad $190 Million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#How_Do_Hackers_Manage_to_Steal_from_These_Organizations\" >How Do Hackers Manage to Steal from These Organizations?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#Protecting_Yourself_from_Crypto_Security_Breaches\" >Protecting Yourself from Crypto Security Breaches<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/#Final_Thoughts\" >Final Thoughts<\/a><\/li><\/ul><\/nav><\/div>\n<p data-pm-slice=\"1 1 []\">Cryptocurrencies are relatively new, having only gained worldwide popularity in the last decade. Much like traditional currencies, they are subject to threats and security issues that can result in significant financial loss. In fact, substantial security breaches have resulted in the loss of billions of dollars, with 2022 alone seeing a record loss of $3.8 billion. Protecting cryptocurrency from theft has become crucial as these vulnerabilities continue to pose risks to investors.<\/p>\n<p>These significant losses have happened through numerous security breaches, and here we will dive into the 10 most significant breaches in the history of cryptocurrency.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_Ronin_Network_625_Million\"><\/span>1. Ronin Network $625 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"080a3cc4-4cd6-4277-bc79-4cb5a4e9df1c\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The Ronin Network is a blockchain for gaming platforms and is best known for its video game and NFT market, Axie Infinity. In March 2022, hackers targeted Ronin and caused the largest security breach in cryptocurrency, stealing over $620 million. Experts believe the Lazarus Group, based in North Korea, carried out the cyberattack.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"2_Poly_Network_611_Million\"><\/span>2. Poly Network $611 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"9d551b7e-2036-4d61-9524-6c472be066f5\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>In August 2021, an unknown hacker broke into Poly Network, a platform that allows users to trade one form of cryptocurrency for another, and stole over $600 million. The hacker seemingly treated the breach as a game, just testing whether they could break into the system and take money. Eventually, Poly Network set up addresses where the hacker could return the stolen funds, and the platform recovered all of the money.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"3_Binance_586_Million\"><\/span>3. Binance $586 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-pm-slice=\"1 1 []\">Similar to Poly Network, Binance is another platform that allows users to exchange one cryptocurrency for another. In October 2022, hackers targeted Binance in a way similar to Poly Network. The BNB Bridge, which transfers crypto from one blockchain to another, suffered a hack, and platform users lost millions of dollars. Unlike the Poly Network theft, however, the platform did not recover the stolen funds. Protecting cryptocurrency from theft has become even more critical as hackers continue to target platforms like Binance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Coincheck_534_Million\"><\/span>4. Coincheck $534 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"993d5231-f4b6-4496-9dd7-5d6a6b37be7a\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Hackers targeted another exchange platform, Coincheck, in January 2018 and stole over $500 million. At the time of the theft, this was the largest cryptocurrency breach in history. The company paid back its users and has remained in operation despite this substantial financial blow.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"5_Mt_Gox_473_Million\"><\/span>5. Mt. Gox $473 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/icoholder.com\/en\/news\/mt-gox-customers-edge-closer-to-recovery-as-repayments-progress\">Mt. Gox<\/a>, yet another crypto exchange platform, faced one of the first crypto thefts in history in 2011, resulting in a loss of over $470 million worth of crypto taken. The company declared bankruptcy in 2014, and while it was an early leader in cryptocurrency exchanges, it is no longer in operation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"6_FTX_400_Million\"><\/span>6. FTX $400 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The FTX exchange, much like Mt. Gox, was a well-known name in the crypto industry. In November 2022, however, it suddenly declared bankruptcy the same day many users saw their accounts drained entirely. This hack saw a loss of $400 million. Three people were eventually charged in the theft, but FTX never recovered from the scandal and is no longer operating.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"7_Wormhole_Network_325_Million\"><\/span>7. Wormhole Network $325 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"abe833f5-2be1-4a81-9a4e-b753b9edffde\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The Wormhole Network is a decentralized finance platform that allows you to spend, borrow, or lend without a go-between platform like a crypto exchange. Hackers targeted the platform in February 2022, stealing $325 million. The unknown hacker likely found a flaw in the organization\u2019s code and exploited it to steal funds. Eventually, Wormhole\u2019s parent company covered the losses.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"8_Euler_Finance_197_Million\"><\/span>8. Euler Finance $197 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"1d60663e-90dd-4160-991b-b0d8acf3732b\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Euler Finance is another decentralized finance platform that allows users to borrow or lend crypto. In March 2023, hackers targeted the platform and stole $197 million. Over several days, the hacker returned the stolen money to the platform.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"9_BitMart_196_Million\"><\/span>9. BitMart $196 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BitMart is a crypto exchange platform, and like others on the list, it fell victim to a major cyber hack. The hack occurred in December 2021 and cost the company $196 million in losses.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"10_Nomad_190_Million\"><\/span>10. Nomad $190 Million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-pm-slice=\"1 1 []\">Nomad had a security breach in August 2022 that cost the company $190 million. The hack took advantage of a coding vulnerability with a bug that Forbes said \u201cwas so simple that it didn\u2019t even require any programming skills to exploit it.\u201d And many copycat hackers took advantage of this shortly after the first breach occurred. Nomad was able to regain $20 million in losses. Protecting cryptocurrency from theft is essential as hackers continue to exploit vulnerabilities like these, causing significant financial damage.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Do_Hackers_Manage_to_Steal_from_These_Organizations\"><\/span>How Do Hackers Manage to Steal from These Organizations?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Hackers can break into these systems in ways similar to how they target banks and other financial institutions, with hackers taking advantage of weaknesses in the organizations\u2019 security systems and phishing schemes that target their users. In addition, crypto hacks are also attributed to the lack of government regulations.<\/p>\n<p>Crypto exchanges and bridges are the most commonly targeted platforms because, unlike blockchains, there are more vulnerabilities hackers can take advantage of. But even crypto games like Axie Infinity (mentioned above) or online casinos like Stake.com, a <a href=\"https:\/\/www.casinos.com\/fast-payout\">destination for fast payout casinos<\/a>, can (and have) fall victim to attacks.<\/p>\n<p>Common methods of attacking or hacking cryptosystems include malicious code that exploits errors or weaknesses in a crypto organization\u2019s code and phishing schemes to get personal information and keys or to get individuals to install malware unknowingly.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Protecting_Yourself_from_Crypto_Security_Breaches\"><\/span>Protecting Yourself from Crypto Security Breaches<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"3e227800-464b-4c91-a490-eaf712360463\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"c1321595-7d8e-4170-a5ea-c1732c60fc9e\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"4657bf13-4100-4f1f-afa0-576d32dbda1d\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"d18c538d-f84c-492b-9452-b5d7b5e8f65d\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Although some methods hackers use to target cryptocurrency are beyond individual control, you can take steps to protect your cryptocurrency and lower your chances of being targeted. These protections include:<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>Keeping your cryptocurrency offline through a \u2018cold wallet\u2019 (an offline crypto storage method)<\/li>\n<li>Installing firewalls and anti-virus software<\/li>\n<li>Using <a href=\"https:\/\/www.cisa.gov\/secure-our-world\/use-strong-passwords\">password best practices<\/a> like regularly updating your password<\/li>\n<li>Using multi-factor authentication<\/li>\n<li>Being aware of phishing schemes<\/li>\n<li>Avoiding the use of crypto-exchanges for long periods at a time<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts\"><\/span>Final Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"017302e3-f3ba-4be7-9cdd-c54a55b4f01b\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"017302e3-f3ba-4be7-9cdd-c54a55b4f01b\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p data-pm-slice=\"1 1 []\">Unfortunately, as these ten major security breaches show, crypto theft isn\u2019t unheard of and is, in fact, relatively common. Naturally, this can cause anxiety or worry over investing in and getting involved in the world of cryptocurrencies. However, exercising caution and implementing security best practices at the individual level can help in protecting cryptocurrency from theft if you choose to dive into this new form of currency.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies are relatively new, having only gained worldwide popularity in the last decade. Much like traditional currencies, they are subject to threats and security issues &hellip; <\/p>\n","protected":false},"author":1,"featured_media":6719,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Protecting Cryptocurrency from Theft: Key Security Practices<\/title>\n<meta name=\"description\" content=\"Learn the best practices for protecting cryptocurrency from theft and securing your investments in the digital currency world - IcoHolder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoholder.com\/blog\/protecting-cryptocurrency-from-theft-key-security-practices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Protecting Cryptocurrency from Theft: Key Security Practices\" \/>\n<meta property=\"og:description\" content=\"Learn the best practices for protecting cryptocurrency from theft and securing your investments in the digital currency world - 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