Crypto-assets can potentially make individuals millionaires in a flash, but the blockchain technology behind them – which offers substantial anonymity and security – isn’t immune to cybercrime. In the past year, there have been various reports of colossal crypto breaches, as highlighted in this blog.<\/p>\n\n\n\n
Cryptocurrencies have been in existence for a relatively long period now. Bitcoin<\/a>, the first and largest, was founded in 2009.<\/p>\n\n\n\n So, it is understandable that such new technologies have faced numerous challenges and faced setbacks due to the incidence of theft and hacking of crypto-assets.<\/p>\n\n\n\n For example, in its heyday, Bitcoin alone was valued at an eye-watering market capitalization of $1.28 trillion and its unrivaled security provided by blockchain technology only made it even more appealing to investors.<\/p>\n\n\n\n This in turn, combined with the ignorance of many crypto-investors about blockchain, made them easy targets for hacking<\/mark><\/strong><\/a>, leading to a series of high-profile crypto hacks, some of which have been the biggest of all time. <\/p>\n\n\n\n Let’s take a closer look at what has occurred in these incidents and the impact that they have had.<\/p>\n\n\n\n Ronin Network was funded with an incredible $625 million.<\/p>\n<\/blockquote>\n\n\n\n In spite of the vast potential of crypto-assets to enrich investors, the blockchain technology that underlies them is still susceptible to cybercrime, as evidenced by the Top 3 Largest Cryptocurrency Hacks in History. <\/p>\n\n\n\n Over the past year, cybercriminals have exploited vulnerabilities with their advanced techniques to raid digital wallets and purloin significant sums, leaving investors aghast and confounded.<\/p>\n\n\n\n According to Ronin Network, this heist compromised the validator nodes of Sky Mavis, the programmer of Axi<\/em> Infinity, a top crypto game of that era.<\/p>\n\n\n\n What’s worse is that neither Ronin Network nor Sky Mavis was aware that the breach had occurred until one individual reported they could not withdraw their digital money from the system.<\/p>\n\n\n\n The vulnerability that enabled the hack became even more clear as, shortly before, Ronin Network had decreased its security level due to the rollout of a big Axi Infinity update. <\/p>\n\n\n\n Hackers used this chance to gain access to wallets’ private keys and falsify transfers. This would have been avoidable if Ronin Network had maintained higher security protocols to release the update.<\/p>\n\n\n\n\n
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