On Monday, cryptocurrency Verge fell victim to an all-too-familiar hack of the type that continues to plague the digital asset industry. The attack was the second on the XVG coin after an April attack of 250,000 coins, which led to a decline of 25% in the value of Verge.
However, in the history of cryptocurrency hacks, the $1.4 million heist ranks well down the list.
Check out this chart on the biggest hacks in crypto history from website HowMuch.net:
While it may make sense for exchanges to tighten security, the data suggests they are not. There have been 13 hacks of more than $10 million, with 12 of them coming after June 2016.
“A general trend is immediately obvious about our visualization: cryptocurrency hacks have generally become more common and more valuable over time. $10M+ hacks started happening with some regularity after the summer of 2016, right when the crypto-market started taking off.” wrote howmuch.net in its report.
The biggest hack remains the infamous Mt. Gox hack of 2014 where 850,000 bitcoin
worth $450 million at the time, was stolen, leading the exchange filing for bankruptcy and begin liquidation proceedings.
The numbers on this chart represent the value of the hacks at the time the theft took place, not today’s value of the coin. Because, if calculated in today’s terms, the $450 million Mt. Gox hack would need a chart of its own. The 850,000 bitcoins at today’s price is worth more than $6 billion.