Research: Cryptocurrency exchange hacks surpass $1.3 billion all time; 61% coming from 2018

Quick Take

  • With the recent hack of Bithumb, the all-time total stolen from cryptocurrency exchanges has surpassed $1.3 billion
  • Even though the number of hacked exchanges has stayed relatively the same every year, approximately 61% of the thefts were in 2018 alone
  • The 10 largest hacks comprise 96.6% of the total stolen amount while the three largest (Coincheck, Mt. Gox and BitGrail) comprise 78.5% of the total

The amount stolen from cryptocurrency exchanges continues to increase sharply, last week surpassing an all-time total of $1.3 billion, according to The Block’s research.

The ecosystem’s largest weakness are the centralized institutions that hold users’ private keys. As the price of cryptocurrencies grew, large wallets controlled by exchanges became a honeypot for hackers.