Japanese Crypto Heist

Cryptocurrency Hacking: A Growing Threat

Japanese Crypto Heist

In October 2022, hackers stole nearly 100 million from Japanese crypto exchange Zaif. This is not an isolated incident - crypto hacks are on the rise. In 2021, over 3 billion was stolen from crypto exchanges and decentralized finance (DeFi) platforms.

How Crypto Hackers Cash Out

One of the main challenges for crypto hackers is cashing out their stolen funds. Cryptocurrencies are not widely accepted as payment, and converting them to fiat currency can be difficult and time-consuming. However, hackers have developed new tricks to cash out their stolen funds, including using over-the-counter (OTC) brokers and money laundering services.

Targets of Crypto Hacks

The two main targets of crypto hacks currently are centralized exchanges and DeFi platforms. Centralized exchanges are third-party platforms that hold users' crypto assets, while DeFi platforms are decentralized and allow users to trade crypto assets directly with each other.

Most Infamous Cryptocurrency Hacks

Some of the most infamous cryptocurrency hacks include:

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The Mt. Gox hack (2014) - 850,000 BTC stolen, valued at $450 million at the time.

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The Binance hack (2019) - 7,000 BTC stolen, valued at $40 million at the time.

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The Poly Network hack (2021) - $611 million stolen, making it the largest crypto hack in history.

How to Report Stolen Funds

If you have been the victim of a crypto hack, it is important to report the incident to the appropriate authorities. You can also report your stolen funds to Binance by following these steps:

1.

Go to the Binance website and click on "Report a Problem."

2.

Select "Report Stolen Funds" from the drop-down menu.

3.

Fill out the form and provide as much detail as possible.

Preventing Crypto Hacks

There are a number of steps you can take to protect yourself from crypto hacks:

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Use a strong password and two-factor authentication (2FA) for all of your crypto accounts.

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Store your crypto assets in a hardware wallet.

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Be wary of suspicious emails or websites that ask you to provide your crypto information.

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Only trade crypto assets with reputable exchanges and platforms.