Posted on Collonmade.com, By Blockchain Industry Group (BIG)
Cryptocurrencies had a break out year in 2017 as the media finally began to give this revolutionary technology some credit. Last year saw the prices of cryptocurrencies such as Bitcoin reach record highs and the market as a whole went through a remarkable period of expansion. Bitcoin came close to breaking the $20,000 mark and the entire cryptomarket peaked at just below $800 billion. All of this excitement helped bring more positive attention to the sector and further mainstream adoption.
Unfortunately, not everyone that was paying attention had the best intentions in mind when they entered the space. Hackers of all types found cryptocurrency scams to be especially fruitful for a number of reasons. The immutable nature of the blockchain and the ease at which the coins could be exchanged made hacking cryptocurrency ideal. They also found that the majority of crypto owners where new to the market and therefore could be more easily swindled out of their crypto.
Scams and hackers are, and probably always will be, a part of the crypto space. While many of these scammers only focus on pulling off medium-sized thefts that are usually focused on individuals; there are still some upper echelon hackers who go after entire platforms. Exchanges are the obvious week link in the blockchain community as they are one of the main places where centralization occurs. These billion dollar exchange platforms can provide a hacker with a lifetime supply of Satoshis if they are successful in their efforts. Below are 5 of the largest crypto exchange hacks of all time.
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