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Crises in Crypto Money Markets!!!

450 Million Dollars Mt. Gox Heist
Cryptocurrency exchanges have made a huge progress over the years and are becoming more secure against cyber attacks and unexpected accidents every day. However, with the huge rise in cryptocurrencies, cyberbullies have also increased the severity of the attacks.
The first Japan-based Bitcoin exchange, Mt. Gox once hosted about 70 percent of all Bitcoin transactions worldwide. When the calendars show off February 2014, surprisingly, Mt. Buying and selling transactions were suspended at Gox and the exchange was closed shortly after.

Mt. Gox announced that approximately 850,000 Bitcoins belonging to customers and the company were lost and stolen. At that time, 850 thousand BTC had a value of more than 450 million dollars. Approximately 200,000 Bitcoins were recovered after the attack, and Mt. Gox was taken into the rehabilitation process. By court decision, the financial regulator of Japan, FSA, to Mt. A trustee has been appointed to Gox to manage the rehabilitation process. As of January 2021, Mt. It has been announced that the damage of Gox victims will be covered by 90%.

$ 60 Million Bitcoin Heist on Bitfinex
The crypto currency exchange Bitfinex had to suddenly stop all transactions and be taken into maintenance on August 2, 2016. Because at that time, 120,000 Bitcoins, corresponding to $ 60 million, were stolen from the popular crypto money exchange.

Successive Attack on Bithumb: $ 37 Million Heist
Bithumb, one of South Korea’s largest exchanges, was attacked on March 29, 2019, and $ 19 million worth of cryptocurrency was stolen from the exchange. The exchange was hacked again just a few months before this attack and $ 18 million worth of cryptocurrency was stolen.

Coincheck Hacked: $ 534 Million NEM Token Stolen
The crypto market, Mt. After the Gox incident, in January 2018, Japan-based cryptocurrency exchange Coincheck was shaken once again when it was hacked. Coincheck’s hacking went down in history as one of the biggest robberies in cryptocurrency history. NEM Foundation President Lon Wong even described this attack as the biggest heist in world history.

Japan’s financial regulator, the Japan Financial Services Authority (FSA) intervened immediately. The Coincheck stock exchange announced its bankruptcy following the incident and was bought by Japan-based financial services company Monex Group for $ 33 million. Coincheck announced that users affected by the half-billion dollar cyber attack will be compensated.

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