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Definition: crypto hacking

(CRYPTOcurrency hacking) Stealing cryptocurrencies. Crypto hacking is accomplished by rudimentary phishing schemes that lure people to a phony coin exchange as well as by using sophisticated software tools that compromise a coin exchange. Over the past decade, hundreds of millions of dollars' worth of crypto coins have been stolen. The first was the $450 million loss from the Japan-based Mt. Gox exchange in 2014 (see Mt. Gox). For other crypto hacks in this encyclopedia, see Ethereum Classic, QuadrigaCX, OneCoin, EthereumMax and crypto scam. See phishing, cryptojacking, cryptoshuffler and cryptocurrency exchange.