History of Bitcoin hacks: why 'not your keys, not your coins'
Lessons from the best-known thefts and exchange collapses, from 2011 to FTX, and how self-custody changes the risk.
Share this page
A pattern, not bad luck
Early users lost coins to malware that stole wallet files from home computers (a 2011 theft of 25,000 BTC was one of the first famous cases). Then came exchange failures: Mt. Gox collapsed in 2014, and FTX in 2022. In each case people lost access because someone else held the keys or the keys were poorly protected.
What changed
Hardware wallets, seed phrases and multisig let individuals keep keys offline. They reduce exchange risk but bring their own: tampered devices, phishing and lost backups.
FAQ
- Is keeping Bitcoin on an exchange always wrong?
- It is a trade-off: convenient, but the exchange holds the keys and can fail or freeze withdrawals. Many people keep only what they trade there.
On the site
- Video: exchange vs your own wallet →
- Video: how wallets get hacked →
- Hardware wallet implant: what to do →
Original bitcointalk.org threads
- List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses · 318 replies / 295,224 views (as of 13 Oct 2026)
- I just got hacked - any help is welcome! (25,000 BTC stolen) · 620 replies / 382,300 views (as of 13 Oct 2026)
- Bitcoinica / MtGox · 809 replies / 156,112 views (as of 13 Oct 2026)
Our own explanation; forum threads are linked, not copied. Not investment advice.
More topics
- The Bitcoin puzzle transaction: why keys can't be guessed
- Bitcoin supply and inflation over time
- My Bitcoin transaction is stuck: RBF and CPFP explained
- Lost wallet password or seed: what can be recovered
- Bitcoin or gold? A plain comparison
- Satoshi Nakamoto and Hal Finney: the first Bitcoin transaction
- Bitcoin Pizza Day: 10,000 BTC for two pizzas
- Can you still trust hardware wallets?