Thomas Daniels
With losses exceeding $1.4 billion, the recent security breach at cryptocurrency exchange Bybit has broken the previous record for the biggest hack in the industry’s 15-year history. This incredible amount is the most significant exploit to date, more than doubling the previous record set by Ronin Network. More than 60% of all cryptocurrency funds that were stolen in 2024 came from this one incident, according to data from Cyvers.
An escalating crypto security crisis
In the cryptocurrency field, hacks and cyber fraud have become a recurring problem, eroding the credibility of the sector. Critics claim that cryptocurrency makes unlawful activity easier, yet research from Chainalysis indicates that legal use cases are growing more quickly than illicit ones. In spite of this, hacking continues to be a flourishing black market driven by growing cryptocurrency values.
Crystal Intelligence revealed that the total value of attacks involving cryptocurrency had risen to $19 billion by the middle of 2024, underscoring the continued susceptibility of digital assets.
The Largest Crypto Hacks in History
1. Ronin Network ($600M, March 2022)
Before Bybit, the largest single exploit targeted Ronin Network, an Ethereum sidechain supporting the Axie Infinity play-to-earn game. Over $600 million in USD Coin (USDC) and Ether (ETH) were lost as a result of the breach. The attack was attributed to Lazarus Group, a North Korean-linked hacking organization that reportedly stole $1.34 billion in crypto in 2024 alone.
2. Poly Network (August 2021, 600M)
One of the largest decentralized finance (DeFi) attacks was the Poly Network vulnerability, which took $85 million from Polygon, $253 million from BNB Smart Chain, and $273 million from Ethereum. According to cybersecurity company SlowMist, the attack was “long-planned and organized.” Thankfully, all but $33 million of the stolen money was returned.
3. The Binance BNB Bridge (October 2022, $568M)
Hackers took advantage of the BSC Token Hub in a security breach on Binance’s BNB Chain, producing 2 million BNB tokens valued at about $568 million. Changpeng Zhao, the former CEO of Binance, said after the attack that the exploit caused a “extra BNB” issuance, which resulted in the BNB Smart Chain being temporarily suspended.
4. Coincheck (January 2018; $534M)
The Coincheck assault, one of the first significant crypto hacks, led to the theft of $534 million worth of NEM (XEM) coins. Hackers stole 260,000 customers’ money by taking advantage of a hot wallet vulnerability. Despite Coincheck’s subsequent reimbursement of impacted consumers, the hack severely undermined trust in the Japanese cryptocurrency sector.
5. FTX (November 2022, $477M)
Hackers carried out a number of illegal transactions that caused FTX to collapse in November 2022, stealing $477 million from the exchange. $415 million had been recognized as “hacked crypto” by January 2023. Sam Bankman-Fried, the former CEO, suspected an insider attack at first, but by January 2024, federal prosecutors in the United States had accused three people with the crime.
The Industry’s Persistent Security Issue
The Bybit hack highlights how urgently the bitcoin industry needs stronger security measures. Strong security frameworks must be given top priority by exchanges and protocols as digital assets become more widely used in order to stop future vulnerabilities. The unprecedented hack also calls into question investor trust and governmental control in a sector that cybercriminals are increasingly targeting.
