I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?
What you should know about the Crypto Exchangers History:
1. Mt. Gox (2011): the first major breach in the crypto world
First Instance:
$8,75 million got hacked in year 2011
Second Instance: $ 615 million got hacked in year 2014
2. KuCoin (2020) –
Criminal stole around
$281 million in coins and tokens.After investigation only $204 mln were recovered but rest is lost.
3. Upbit (2019) – the hack that made use of a single transaction
This was done in team and from them two were the Chinese nationals. Steal was
$45 million.4. BINANCE (2019) – the biggest name to be hit
Stolen 7,000 Bitcoin, value at the time was
~40 million USD5. Bitfinex (2016) – the hack where losses were distributed
Stolen
60 millions USD. They recovered some funds and only distributed that much to the users.
6. CRYPTOPIA (2019) – the curious case of two attacks
Since this was small exchanger at the time of attack they swiped around 9% of their total holdings which were around
$15.5 million.7. ZAIF (2018) – the attack that was identified too late
Stolen
$60 million. Some funds recovered however it was huge loss for the company.
8. BANCOR (2018) – the hack where users went unscathed
Stolen
$23.50 million. 9. COINCHECK (2018) – the biggest hack so far
Phishing attack was done to steal the money. Stolen and lost around
$534 million 10. COINBENE (2019) – the hack that wasn’t admitted at first
$105 million stolen in different currencies.
If you still think it is safe to store our crypto currencies on an exchanger then just pray that you are not one of the user whose money is stolen at the time of next hack
Read full history here.