Cryptocurrency hacks: The Biggest Heists In Blockchain History

Cryptocurrency is as hack-proof as it gets depending on the coin itself and on the hashing power that supports it. Their decentralized nature ensures that there is no single target to hack, and the blockchain itself ensures that no double-spending going on. Despite this, there have been some attack vectors that were exploited by hackers, allowing them to successfully (or not) game the system. The four hacks described below are some examples of attacks carried out on cryptocurrencies themselves. These show that despite all the advantages and wonders that crypto has brought us, there is still much to learn. We’ve also organized them by the severity of the hack, considering the funds that were actually lost and other factors.

4 – Steemit (Steem)

Three months ago Steemit, the blockchain-based blogging platform, was hacked. The hack was the result of a vulnerability on the Web browser front end and not on the cryptocurrency itself. Around 260 accounts were drained, resulting in the loss $85,000 worth of Steem Dollars and Steem, the cryptocurrency that fuels the platform.

Following the attack, trading of the cryptocurrency was halted on the Bittrex exchange and the hack was reported to police and other cyber crime authorities, including the

Read more ... source: TheBitcoinNews