Binance hack puts the all-time total sum stolen from cryptocurrency exchanges over $1.35 billion; 59% coming from 2018
May 9, 2019, 5:10AM EDT
1 min read
With the recent hack of Binance, the all-time total stolen from cryptocurrency exchanges has surpassed $1.35 billion, according to The Block's research. Of that $1.35 billion, approximately 59% was taken in 2018 alone. Interestingly, the number of hacked exchanges has stayed relatively the same since 2012. What changes is the average amount stolen; perhaps because of rising prices.
Four cryptocurrency exchanges were hacked in 2019, resulting in a loss of approximately $69 million. In 2014, Mt. Gox’s massive hack made the year an apparent outlier, representing 99% of the amount stolen that year. Last year also had a huge outlier — 62% of the amount stolen in 2018 came from the nearly half a billion Coincheck hack, the largest in history.
In total, there have been 42 exchange hacks according to The Block’s research, but it’s likely that some smaller hacks have gone unreported, so the realistic amount of hacks is probably much higher. Twenty hacks have been for less than $1 million.
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.