Crypto's biggest hacks and heists

• Bybit suffered the largest crypto theft on record in February 2025, with $1.5 billion in ether stolen; the FBI attributed the attack to North Korea, though the country has denied involvement in crypto heists
• Other major thefts include Poly Network ($610 million in 2021, mostly returned), Ronin Network ($540 million in 2022), Coincheck ($530 million in 2018), and Mt. Gox ($500 million between 2011-2014)
• The heists underscore vulnerabilities in both centralized exchanges and decentralized finance (DeFi) platforms, with criminals using crypto to transfer funds across borders outside the mainstream financial system

Summary: Major Cryptocurrency Hacks and Heists

Cryptocurrency exchange Bitget recently reported a theft of undisclosed value, highlighting ongoing security vulnerabilities in the crypto industry. According to TRM Labs researchers, attackers stole $2.9 billion worth of cryptocurrency across nearly 150 attacks in the previous year. Organized crime groups reportedly exploit crypto to transfer funds across borders outside traditional financial systems.

Notable Historic Heists:

Bybit (February 2025): The largest crypto theft on record, with $1.5 billion in ether stolen. The FBI attributed the attack to North Korea, which quickly converted and dispersed funds across multiple blockchains. North Korea has denied involvement.

Poly Network (August 2021): Approximately $610 million stolen from the peer-to-peer token platform. Notably, hackers returned nearly all stolen funds. This incident exposed vulnerabilities in the decentralized finance (DeFi) sector.

Ronin Network (March 2022): Hackers stole around $540 million from a blockchain linked to Axie Infinity game, including 173,600 ether tokens and 25.5 million USD Coin tokens.

Coincheck (January 2018): Tokyo-based exchange lost approximately $530 million through a "hot wallet" attack. South Korean intelligence suggested North Korean involvement.

Mt. Gox (2011-2014): One of the earliest major hacks, with bitcoin worth nearly $500 million stolen from the exchange that once handled 80% of global bitcoin trade. The platform filed bankruptcy in early 2014, affecting 24,000 customers.

Market Implications:

These incidents underscore persistent security risks in cryptocurrency platforms, particularly in DeFi protocols and exchange hot wallets, raising concerns about investor protection and regulatory oversight in the evolving digital asset space.