Cryptocurrency exchange Bybit revealed last week that hackers pulled off a staggering $1.5 billion theft, marking what experts are calling the largest crypto heist in history.

According to Bybit CEO Ben Zhou, the stolen digital tokens—primarily ether—were lifted from a "cold wallet," a supposedly secure offline storage solution.

Blockchain research firm Elliptic noted that this breach dwarfs the previous record holder by more than double, potentially making it the biggest single theft ever recorded.

The crypto industry has faced relentless attacks, with 2024 alone seeing over $2 billion stolen—marking the fourth consecutive year of billion-dollar-plus hauls.

READ MORE: Biggest ever cryptocurrency theft of $1.5bn hits Bybit

These incidents continue to raise alarms about the safety of customer funds in the volatile world of digital currencies. Below, we revisit some of the most infamous crypto heists since Bitcoin’s inception in 2008.

Poly Network: $610 Million Stolen and Returned

In August 2021, hackers siphoned $610 million from Poly Network, a decentralized finance (DeFi) platform enabling peer-to-peer token trades. Surprisingly, the culprits returned nearly all the funds shortly after. The breach exposed critical weaknesses in DeFi, a sector that lets users lend, borrow, and save in tokens without traditional financial intermediaries like banks.

Ronin Network: $540 Million Axie Infinity Hack

March 2022 saw hackers loot $540 million in cryptocurrency from the Ronin Network, a blockchain tied to the popular game Axie Infinity. The haul included 173,600 ether tokens and 25.5 million USD Coin tokens. Ronin, designed to move crypto across blockchains, became a stark reminder of vulnerabilities even in gaming-related projects.

Coincheck: $530 Million Vanishes in Hot Wallet Heist

In January 2018, Tokyo-based exchange Coincheck lost $530 million in crypto when hackers breached a "hot wallet"—an online storage system less secure than its offline counterparts. South Korea’s intelligence agency later pointed fingers at a North Korean hacking group, spotlighting the geopolitical risks in crypto security.

Mt. Gox: $500 Million and a Market Collapse

One of the earliest major crypto disasters unfolded between 2011 and 2014 at Mt. Gox, then the world’s leading Bitcoin exchange. Hackers stole nearly $500 million in Bitcoin, leading to the platform’s bankruptcy in 2014. Handling 80% of global Bitcoin trades at its peak, Mt. Gox left 24,000 customers in the lurch, cementing its place in crypto infamy.

Wormhole: $320 Million Ether Heist

Just last month, DeFi platform Wormhole lost $320 million in a hack targeting 120,000 ether-linked tokens. Jump Trading’s crypto division, which had previously acquired Wormhole’s developer, stepped in to replenish the lost funds, underscoring the high stakes in the DeFi space.

As the Bybit theft pushes the boundaries of crypto crime, these incidents highlight an ongoing challenge: securing a decentralized industry against sophisticated attackers. With billions lost and counting, the question remains—how safe is your crypto?

‍