Lets talk about some of the more well known hacks in the crypto community in the last 10 years.

2016 Failed Ethereum Attack- In June 2016 hackers almost successful drained Ethereum of $50 million until a surprise/loophole stopped it in its tracks. Luckily there is a 28 day grace period which apparently had to pass before the money could be removed so while that happened a large portion of Ethereums users did a counter strike. They did an unprecedented move by whats called “forking the blockchain” so the theft could not take place.

However, the Ethereum purists found the idea of forking the blockchain to go against the original mandate of the movement so they pushed and had a new version of Ethereum come out which is now called Ethereum Classic ETC.

  • Mt Gox
  • Squid Games
  • Ape
  • OneCoin
  • BitConnect
  • BitClub Nework
  • Quadriga (Canadian owner went missing presumed dead and nobody knew the primary key to his wallet containing hundreds of millions of dollars)
  • Plexcoin
  • Savedroid

One of the first big hacks took place in one of the largest crypto exchanges at the time called Mt Gox back in 2014 with Bitcoin and left a sour taste in investors minds ever since.

Basically the company Mt Gox was started as a collectibles site for the game called Magic the Gathering (MtGOX stood for Magic The Gathering Online Exchange) and when the owner realized that there was an opportunity to sell crypto he converted the business to a crypto bitcoin exchange in 2010.

He sold it a year later and sometime later some irregularities appeared and eventually the federal government fined them $5 million and eventually about 7% of the available bitcoin went missing.

The company was closed and for years nobody received their money and to this day it is used as an example that bad things could happen with digital exchanges and crypto in general if you aren’t really careful.

check this site for the scams https://mashable.com/article/biggest-cryptocurrency-scams-2021

(under construction Dec 16, 2021)