When we talk about investment, security is usually a recurring theme, since although Every financial bet involves risks, these must be within limits that do not scare off potential investors. However, despite global efforts to secure financial operations and assets, the reality is that the dangers of theft and fraud are commonplace, and cryptocurrencies, they are no exception.

The history of tokens tells of major digital thefts. As its popularity has grown and the technology that allows the existence of the crypto world has strengthened, so have the malicious actors They are working to try to break the barriers designed to protect digital currencies and the operations carried out with them.

It must be remembered that virtual assets, due to their decentralized and unregulated nature, that is, They are not subject to the rules and controls of the traditional financial system, may be more vulnerable to various protection and security issues, especially since any mortal can create, issue, and operate cryptocurrencies.

The ranking of crypto thefts 

By following up on the main digital thefts occurred in the crypto world, it is evident that the dangers come mainly from the action of hackers or cyber pirates who attack digital currency exchange platforms or crypto operations themselves. 

The most scandalous robberies, due to the way they were perpetrated, but mainly due to the amount of looted digital assets, begin with the most recent theft that occurred in the crypto ecosystem.

Bybit Hack

Last February, Cryptocurrency company Bybit was the victim of the largest token theft in crypto history.North Korean hackers managed to steal $1.500 billion—401.347 Ethereum—by exploiting a vulnerability in a free digital storage service used by the exchange platform. As the company transferred the ETH from one account to another, hackers took over the transaction and managed to divert the billion-dollar sum to unidentified addresses.

Attack on Ronin 

The second largest hack to crypto ecosystem It happened in March 2022, when the Ronin Network, a network specializing in video games, suffered an attack at the hands of cybercriminals who took control of the chain's validator nodes and stole $625 million in ETH and USDC.

In this case, the hackers managed to commit the theft because they stole the private keys of the owners, gaining access to digital assets.

Other notable attacks

• The third major attack on a cryptocurrency exchange platform corresponds to a vulnerability in the software of poly network which was exploited by digital hackers to steal $611 million in crypto in 2021. 
• The next major theft occurred in November 2022, when one of the most powerful platforms, FTX, filed for bankruptcy, and that day more than 600 million dollars were stolen from his wallets. 
• One of the best-known cases of crypto cybercrime, It was the hack suffered by Binance in October 2022. Hackers attacked the platform and managed to steal $570 million. 
• The attack on Coincheck was one of the first recorded in the crypto world in January 2018. Digital hackers took advantage of a vulnerability in the wallet hot to steal $534 million in NEM coins.

How attacks occur and how to avoid them

The record that is kept of the crypto hacks executed to date, have allowed us to classify the three most commonly used means of violating security related to tokens.

Phishing

Refers to the sending malicious emails to deceive cryptocurrency owners and gain access to confidential information or the wallet itself. 

Malicious code

Cryptocurrency code can be manipulated at a weak point to carry out attacks and facilitate theft.

Theft of keys

The wallets and exchange platforms Cryptocurrencies require keys, which, if lost or stolen, enable unauthorized access to funds.

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Recommendations

The security measures available to protect digital currencies are varied. and numerous, but there is consensus that some of them should be applied to avoid becoming a victim of cybercriminals.

• Activate a cold wallet: These store cryptos without an internet connection.
• Use VPN: Virtual private networks encrypt or hide online traffic, strengthening security when handling virtual assets.
• Antivirus: use antivirus updated is a layer of security that should not be ignored. 
• Create strong passwords, updating them regularly or using password managers is vital when managing digital currencies.
• Multi-factor authenticationUsing different levels of authentication to access cryptocurrency wallets strengthens protection. For example, enabling a code to be sent to your phone or email.
• It will always be preferable delete suspicious emails and text messages, as well as being wary of phone calls from unknown numbers.