Biggest Blockchain Heists

You must be wondering what does Blockchain Heist even means when everybody claims that this space of Blockchain is one of the most secure places. Well, Blockchain Heist means when someone unlawfully hacked or finds a loophole in blockchain data structure and stole all the cryptocurrency. There are potential risks in everything, in Blockchains too. The blockchain is considered to be malware proof but it still requires regular monitoring so that everything works smoothly. In past, we’ve seen many malware attacks on Individuals as well as in big corporations, no one’s entirely safe from this. What we can do is to innovate this space and create a complete malware-proof system where no one literally no one can even think about taking your financial assets. To secure blockchain, implementation requires critical steps such as monitoring, analysis and threat prevention. Modern tools can help streamline the process of securing blockchain technology more effectively.

So, In this article, we’ll discuss the biggest Blockchain Heists that happened till now.

  • Lendf.me/Uniswap Hack — Lendf.me, a decentralized lending platform, suffered a blockchain attack in April 2020. Hackers exploited vulnerabilities in the underlying structure of Ethereum, stealing approximate $24.5 million from the lender. The second company, Uniswap, was using theLendf.me protocol and was also affected. It is estimated that Uniswap lost between$300,000 and $1.1 million in the blockchain hack. Silicon Angle reports that the attack on Uniswap exploited ERC777, an underlying technology on the Ethereum blockchain, and launched a “reentrancy” attack. “That attack exploits a function that makes an external call to another untrusted contract before it resolves any effects, allowing an attacker to take over control flow of the smart contract.” Lendf.me was victimized further through the second reentrancy. Attackers will continue to come up with new ways of exploiting blockchain technology. Smart contracts are often deployed over the blockchain — but these contracts can be vulnerable to a reentrancy attack. Identifying functions that may be untrustworthy can help prevent reentrancy attacks. Following best practices for mitigating the risks of potentially vulnerable functions which underlie blockchain structures is key. Maintaining oversight across enterprise blockchain technologies is a necessary checkpoint. Reentrancy attacks can occur when functions are compromised; implementing content security policies can help reduce the risk of function-based attacks on smart contracts.

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