Cryptocurrency exchanges are one of the main targets that hackers focus on in the crypto industry.

The reason for this is simple as the trading platforms are similar to traditional banks and process large amounts of daily transactions, making them profitable for hackers.

The data you collected revealed Inside TheBitcoinsthat the crypto space lost over $11 billion worth of cryptocurrencies (number based on cryptocurrency market price at the time of writing) from 2011 to 2019.

Here are the most prominent trading platforms that have been hacked into huge amounts of money in the past eight years.

Bitcoinica and Bitfloor in 2012:

Bitcoinica is a bitcoin trading platform that was created as early as 2012.

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The platform suffered three different hacks in one year, with a loss of $1.05 billion.

One attack involved decrypting a hot Bitcoinica wallet, which resulted in the loss of 43,554 bitcoins.

Another attack was through illegal access to Bitcoinica’s database, hackers withdrew 38,000 bitcoins.

The platform lost another 40,000 bitcoins to hackers, but the funds were later recovered.

Another major attack was carried out in 2012 on the Bitcoin trading platform Bitfloor.

Bitfloor lost about $208 million (24,000 bitcoins).

PicoStocks and Vicurex in 2013:

2013 was not a holiday for hackers as they launched their attacks on exchanges nonstop, resulting in a loss of at least $109.6 million.

PicoStocks alone has lost about $62 million (7,196 BTC) from its hot and cold wallets.

Another victim of the 2013 hack was Vicurex which lost about $12.6 million in 3 different cryptocurrencies (1,454 Bitcoin, 225,263 TRC; 23,400 LTC).

The biggest hack of all time:

The biggest hack in the cryptocurrency market in 2014, Mt. Gox which was considered the largest bitcoin platform at the time.

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Mt platform lost. Gox has about 850,000 bitcoins, which is valued at around $6.5 billion at the time of writing this article.

Then the platform will be closed.

In 2016, the DAO platform, which is an independent, decentralized platform, was hacked, and the platform lost about $601 million, or 3.6 million ETH.

In the same year, Bitfinex lost about 120,000 bitcoins, equivalent to one billion dollars.

Increase in piracy in 2019:

According to the sources, there were eight different attacks on trading platforms in 2019, marking the highest number of attacks in the history of cryptocurrency.

The most notable attack was that of Binance, one of the world’s leading cryptocurrency exchanges.

Reports indicate that Binance lost 7,000 bitcoins ($60.5 million) to hackers who took advantage of the platform’s weak security and also obtained a large amount of user data.

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Even though the blockchain is immutable, hackers have not slowed down to find ways to breach the custodian platforms of users’ cryptocurrencies.

One McAfee executive noted:

“The industry is so new right now that we don’t even have a platform that finds and reports vulnerabilities.

The best advice so far is for cryptocurrency exchanges to be careful and transparent at all times when handling user funds.

On the other hand, crypto traders and investors should not store large amounts of money in cryptocurrency trading platforms.

Read also:

On the Binance platform … an investment fund manager’s account was hacked and investors’ funds were frozen

10 Cryptocurrency Exchanges Hacked in 2019… Get to Know It