Back

Crypto Hack Losses Top $10 Billion in Less Than Five Years

The list highlights major incidents including Poly Network, Ronin Bridge, Binance Bridge, Bybit, and Kelp DAO (decentralized autonomous organization), with Bybit showing the largest cited loss at $1.4 billion.

Summary

No Summary provided as the original text is short

Terms & Concepts
  • Bridge: A blockchain tool that moves assets between different networks, but it can become a major target for exploits.
  • DAO (decentralized autonomous organization): A blockchain-based organization governed by token holders or smart contract (self-executing blockchain code) rules rather than centralized management.
  • Smart contract (self-executing blockchain code): Software on a blockchain that automatically carries out predefined actions when conditions are met.