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ETH · 7w

The Top Crypto Thefts and Hacks of 2020, and What We Can Learn from Them. How can you keep your ETH safe?

Staying ahead of cybercriminals for both individuals and especially enterprises is like playing cat and mouse, with so much money at stake, cybercriminals are constantly upping their game, and the sophistication of their attacks. This explains why cybersecurity attacks in 2021, according to the Identity Theft Resource Center (ITRC), have already surpassed the total number for 2020, making 2021 a record year.

The good news is that now people are becoming increasingly aware of the need to protect themselves. A recent survey by The Pearson Institute and The Associated Press-NORC Center for Public Affairs Research shows that “about 9 in 10 Americans are at least somewhat concerned about hacking that involves their personal information, financial institutions, government agencies or certain utilities. About two-thirds say they are very or extremely concerned.”

Heretofore, the attitude that attacks would always happen to someone else explains the rise in threats. The importance of securing our digital identities and personal info cannot be understated and that is also true for users on the blockchain.

Headlines depicting crypto attacks have unfortunately become commonplace, with a variety of attacks targeted at digital exchanges, and on the very blockchains themselves that promise security as one of their key tenets.

DEXs security is generally questionable

DEX’s are a critical tool in the cryptocurrency ecosystem, allowing users to buy, hold, exchange and sell their holdings. However, with an increasing list of crypto hacks on digital exchanges, their levels of security are questionable.

One of the most notable hacks, which made the mainstream press, was that of the Poly Network, a leading DeFi platform, where over $600 million was initially stolen, before, in a strange turn of events, approximately half was returned by the hacker, before returning almost the full amount. Why did he return the money? T...

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