Bitcoin Forum

Huobi User Protection Fund was introduced by Huobi pro to protect users’ interest and compensate for their losses in cases of emergency.

Throughout bitcoin and cryptocurrencies history, we have witnessed horrible atrocities of hacking and stealing of private keys. Most exchanges are vulnerable to security breach due to low focus on their security systems. They store their funds within one private key, and when hackers have access to that private key, they have access to all the funds. Some exchanges are starting to store their funds in a cold wallet while others introduced an insurance to payback affected users after a security breach such as the Huobi User Protection Fund.

Here are the five biggest cryptocurrency hackings in history:

#5 Parity Wallet (July 2017)

In July 2017, hackers found a flaw on the Ethereum backed wallet, Parity. The theft involved resulted in 150,000 Ethers being stolen from the wallet (approx $75 Million). An unknown user was able to access the funds to perform the second biggest Ether hack after the DAO.

#4 The DAO (June 2016)

Check out the rest of the article here: https://medium.com/@benchi10/5-biggest-cryptocurrency-hackings-db5a8d46ff90 (https://medium.com/@benchi10/5-biggest-cryptocurrency-hackings-db5a8d46ff90)

I’d have to say you’d throw Mt Gox in here somewhere: Edit- I see it’s at #1. Nice article!

Why isn't the bitfinex hack in the list though. If I remember correctly $50m-$60m(at that time) worth of btc were stolen. That amount should be significant enough to be listed.

These hacking incidents really make me worry about the safety of my investments. In my country, exchanges do not pay much attention to website security and thus chances of such attacks being successful are higher here. In my opinion, every crypto exchange should have a bug bounty program where security researchers can submit bugs on that exchange. Currently only few exchanges like Coinbase offer such programs.

This. Finex was one of the biggests hacks. 120,000 BTC. NiceHash Hack was also a big deal which was around 5,000 BTC.

1. Mt.Gox
2. Bitfinex
3. Coincheck
4. Nicehash
5. Bitgrail (still have some concerns about whether its just a fake claim by admin)
6. Coinsecure (latest indian exchange hack)

There are some other small hacks but all of the above hacks are pretty much big one.

Hacking of wallet is the greatest disadvantage of bitcoin. People are scared of keeping reasonable amount of cryptocurrency. Our developers have to put head together in order to profound solution to this problem.

Mt. Gox happened 7 years ago and I think the price of bitcoin is really different from now. But 1M BTC is really high specially it was hold by the hacker/s. I think this is the lastest news when it comes in scammers who had stolen over $660 million.

Check out this thread: https://bitcointalk.org/index.php?topic=3333331.msg34884916#msg34884916 (https://bitcointalk.org/index.php?topic=3333331.msg34884916#msg34884916)

Guess what? Bank heists is the greatest disadvantage of banks. You honestly don't have to be scared of anything if you know how to properly secure your bitcoins.

Whoa, the amount of loss is enormous. Do you think MEW can be hacked too?

Hacking of people's fiat currency happens every second of every day all around the world.  No difference.  If done correctly many hot-wallet's make for great short term storage, and for long term storage Trezor's and paper-wallets safely protect your coins.  I'm guessing "our developers" means you've got an Alt currency better than BTC right?

It's not impossible, but if MEW got hacked then no funds will be stolen unless there are some users used the wallet after the hacked only if they use private keys to login and if not then there's no way to worry about it.

user protection fund is the right thing to do. It's same with banks, there are national reserves funds in case some bank gets robbed to pay for the losses cause to its customers...

Hahaha, you can't make a list without mentioning Mt. Gox :) It's the biggest and the most known one which still causes some people think that Bitcoin is a big fraud or at least not secure.