KuCoin is a crypto exchange based in Singapore. The exchange is looking to refund its users via a civil rehabilitation plan submitted to the Tokyo District Court. These lawsuits have not helped the exchange’s users till now.
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The CEO of the exchange, Mark Karpeles, was a central figure in many of these since he didn’t use any version control software for the site’s source code.Īny coder could accidentally overwrite the site’s code, thereby leaving the entire system vulnerable. The breach resulted in several lawsuits being filed against the company, from customers, vendors, as well as partners. This secure breach was among the first major ones in the bitcoin world. They achieved this by flooding the exchange with a large number of fake bitcoins. Almost 850,000 bitcoins ($615m) were siphoned off. This time, it was carried out on a much larger scale. In 2011, the exchange was hacked and bitcoin worth $8.75m was stolen.Īlthough the exchange vowed to improve its security mechanisms, it suffered from another attack in 2014. At one stage, it was the largest cryptocurrency exchange in the world – handling more than 70% of bitcoin transactions globally. Gox was a crypto exchange located in Tokyo, Japan launched in 2010. Gox (2011): the first major breach in the crypto world This article looks at the 10 biggest centralized crypto exchange (CEX) exploits in history so far: 1.
More security measures are needed, as illicit activities become more sophisticated. Criminals like to target crypto exchanges since a single breach could net them the assets of thousands of users. Although exchanges invest some resources to protect their assets, experienced attackers can breach their security walls.Įxchanges are targeted regularly as they tend to have open-source code libraries.
Cryptocurrency is reputed for its transparency, but unfortunately, it is also well-known for cybercriminals targeting platforms and exchanges to exploit them.
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