As cryptocurrency continues to reshape global finance, it also remains a prime target for sophisticated cybercriminals. Since the landmark Mt. Gox breach in 2014, which shook the industry to its core, centralized exchanges (CEXs) have endured a series of jaw-dropping hacks—culminating in the unprecedented Bybit theft of 2025.
This updated retrospective uncovers the most catastrophic hacks in the history of centralized crypto exchanges, exploring the methods used, the entities affected, and the lessons learned. These are not just financial losses—they are case studies in evolving vulnerabilities and the need for robust security protocols in a borderless digital economy.
1. Bybit: The Record-Breaking $1.4 Billion ETH Heist (2025)
On February 21, 2025, the Dubai-headquartered Bybit suffered the most substantial CEX hack in history, losing 400,000 ETH—valued at $1.4 billion—within minutes. Hackers exploited a leaked private key tied to Bybit’s hot wallet infrastructure. In a swift response, the exchange launched a bounty campaign and collaborated with global law enforcement. By February 26, the U.S. FBI attributed the attack to North Korean cyber operatives.
2. Coincheck: $534 Million in NEM Lost (2018)
Coincheck, a major Japanese exchange, experienced a breach in January 2018, losing $534 million in NEM tokens. Attackers used phishing tactics to infect employee systems and access hot wallets. The incident prompted a regulatory crackdown in Japan and exposed serious flaws in wallet segregation and internal cybersecurity.
3. FTX: $477 Million Siphoned in Post-Collapse Chaos (2022)
Shortly after FTX’s high-profile collapse in November 2022, hackers exploited system vulnerabilities during the company’s chaotic bankruptcy filing. Around $477 million in assorted cryptocurrencies vanished. Later investigations suggested insider involvement. FTX’s founder Sam Bankman-Fried received a 25-year sentence in 2024, marking a landmark legal judgment in crypto fraud history.
4. Mt. Gox: $460 Million in BTC Vanished (2014)
Initially hacked in 2011 for $8.75 million, Mt. Gox’s most infamous breach occurred in 2014 when $460 million worth of Bitcoin disappeared. Investigations revealed outdated infrastructure and poor coding practices. CEO Mark Karpeles faced multiple lawsuits, and the exchange initiated a civil rehabilitation plan for victim reimbursement.
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5. DMM Bitcoin: $308 Million BTC Stolen (2024)
Japan’s DMM Bitcoin lost 4,502.9 BTC, worth $308 million in May 2024. The North Korean Lazarus Group was suspected. While DMM attempted to stabilize its operations, it eventually announced its closure and transition of client accounts to SBI VC Trade.
6. KuCoin: $281 Million Lost, Partial Recovery (2020)
Singapore-based KuCoin suffered a breach in September 2020, leading to a $281 million loss. Private keys to hot wallets were compromised. The firm’s aggressive response, including working with blockchain analytics firms, resulted in the recovery of over $204 million and identification of likely suspects linked to North Korea.
7. WazirX: $230 Million Disappeared in Indian Market’s Largest Breach (2024)
India’s leading exchange WazirX lost $230 million on July 18, 2024. The attack breached one of the exchange’s core trading wallets. This was a wake-up call for the Indian crypto sector, raising concerns over regulatory and technological resilience.
8. BitMart: $196 Million Vanished from Hot Wallets (2021)
BitMart fell victim to a $196 million theft in December 2021 when attackers obtained private keys to two hot wallets. The losses, spread across Ethereum and Binance Smart Chain, sparked customer outcry. The exchange pledged to compensate affected users, though recovery has been slow.
9. BitGrail: $170 Million in Nano Tokens Lost (2018)
In one of Italy’s most dramatic crypto cases, BitGrail was hacked in February 2018. The theft of 17 million Nano tokens ignited a legal war between founder Francesco Firano and the Nano Foundation. Ultimately, an Italian court ordered Firano to return customer assets, even seizing his car and other personal property.
10. CoinBene: $105 Million in ETH Mysteriously Moved (2019)
Although CoinBene never officially confirmed a breach, blockchain analytics and user reports in March 2019 pointed to an unauthorized $105 million asset transfer. The exchange initially cited maintenance, but evidence strongly suggested a hack. The stolen tokens were later tracked to various other exchanges, including Binance.
Lessons from the Frontline: What the Industry Must Learn
Each hack underscores a broader pattern of weak internal controls, poor key management, and delayed incident response. Attack vectors have included everything from phishing and malware to insider manipulation and flawed wallet architecture.
Yet, the industry is showing signs of maturity. The aftermath of the Bybit breach illustrated an evolved playbook: rapid public acknowledgment, law enforcement coordination, and collective retaliation—highlighted by the takedown of illicit exchange Garantex.
The Road Ahead: Proactive Defense, Not Reactive Damage Control
Going forward, the emphasis must shift from reactive recovery to predictive prevention. This means real-time blockchain surveillance, integration of AI-driven threat detection, rigorous red-teaming, and cross-border regulatory alignment.
For expert litigation support and investigation services, visit www.Algoritha.in. The future of crypto depends not just on innovation, but on trust—and that trust hinges on security.