Can Cryptocurrency Be Hacked? Can a Cryptocurrency Like Bitcoin Get Hacked or Shut Down

Since 2016, Make An App Like has been a trusted technology news website followed by founders, fintech experts, and developers worldwide. We study payment systems, blockchain security, and real-world incidents so you get a clear, practical answer. In short: individual coins, wallets, and exchanges can be hacked; the core Bitcoin protocol is extremely hard to “hack” or shut down, though some network-level attacks and real-world interventions can disrupt access and trust. This article explains how hacks happen, what a 51% attack means, real examples (like Mt. Gox), and realistic shutdown scenarios — in plain English.

How cryptocurrencies (practically) get hacked

Cryptocurrencies are software + keys + networks. There are three common vulnerability points:

• Exchanges and custodial services — attackers target the company that holds users’ private keys. History shows big losses from exchange breaches (e.g., Mt. Gox). CoinDesk
• Wallets and private keys — if your private key or seed phrase is stolen (phishing, malware, or poor storage), your funds are gone irreversibly.
• Smart contracts and software bugs — bugs in contract code (not the blockchain itself) can be exploited (famous example: Ethereum DAO exploit in 2016 is an example of protocol-level consequences triggered by application code). CoinDesk

Key takeaway: Most high-profile “crypto hacks” are thefts from exchanges, custodians, or buggy apps — not the Bitcoin protocol core being broken.

Network attacks: what is a 51% attack and how realistic is it?

A 51% attack happens when one actor gains >50% of a proof-of-work network’s hash power. With majority control they can: block confirmations, reverse recent transactions (double-spend), and stop miners from earning rewards. However:

• Cost & scale — for large networks (Bitcoin) it’s prohibitively expensive and visible; attackers need massive energy, hardware, and coordination. Smaller coins with low hashrate are far more vulnerable. Investopedia+1
• Consequences — even if an attacker briefly succeeds, the network and community can respond (soft/hard forks, exchange freezes), and the attacker often destroys coin value — making the attack costly and risky. Hacken

Bottom line: 51% attacks are a real threat for small chains, but extremely hard and expensive against Bitcoin.

Example — Mt. Gox and the difference between exchange hacks and chain hacks

• Mt. Gox (2011–2014): an exchange lost hundreds of thousands of BTC to intrusions and internal failures; customers lost funds and the company collapsed — this was an exchange custodial failure, not a hack of Bitcoin’s blockchain. CoinDesk+1
• Why this matters: attacks on centralized services (exchanges, custodians) are the largest historical source of loss — not flaws in Bitcoin’s consensus rules.

Can Bitcoin be “shut down”?

Technically, the Bitcoin protocol is open-source software running on thousands of nodes worldwide — to fully shut it down would require destroying or blocking virtually all access to those nodes. Practical scenarios:

• Partial shutdowns are possible: nation-level bans, internet shutdowns, or blocking exchanges can restrict access and crash price temporarily. River
• Total shutdown is nearly impossible: decentralization, geographically distributed miners, and many independent nodes make a global, permanent shutdown extremely unlikely without unprecedented global coordination. Federal Reserve Bank of Cleveland

Practical effect: governments can make using or exchanging Bitcoin hard, but the underlying blockchain is resilient and can keep working where infrastructure remains.

How users and businesses can reduce risk (practical steps)

• Use non-custodial wallets for long-term holdings — keep private keys offline (hardware wallets).
• Use trusted custodians with strong audits, insurance, and transparency for large or business holdings.
• Enable multi-sig for corporate treasuries to avoid single-point failures.
• Keep software updated and audit smart contracts before deposit.
• Diversify: do not keep all funds on one exchange or service.

Difficult Yet, But Still Cryptocurrency Hacking is Possible

In this lesson, you will learn why it is hard to hack a blockchain and yet, still possible.

In the beginning, cryptocurrency was always a target of criticisms. Investors and finance experts, except a few, have shown disbelief in its success, assuming that it will vanish in the near future.

A hacker who wanted to change the distributed ledger of Bitcoin or any other blockchain-based network would have to compromise more than 50% of the machines involved (51 percent attack).

However, the progress and success of cryptocurrencies, especially Bitcoin, have left everyone in shock. A single Bitcoin progressed from a few dollars to a five-figure price in a matter of a few years, which is jaw-dropping.

Here is one more related article for you. If you are interested in Metaverse property then you must know the Best Metaverse Crypto Projects to Buy or Invest Now. Read now!

Since cryptocurrency is the talk of the town due to its sensational success, cybercriminals find a target to attack. Besides the robust security of the crypto, you may still find answers to some
queries.

For instance, can cryptocurrency be hacked? If so, how can you be safe from hacking? Read on, and you will have your answers at the end of this article.

We Have Covered:

● Is hacking possible for crypto?
● Safety measures to consider to avoid hacking,
● And the conclusion.

Sit back in comfort, and let’s get rolling:

Can Cryptocurrency Be Hacked?

Apparently, the answer to this question is a NO. A cryptocurrency has robust security consisting of blockchain technology that puts it far away from cybercriminals. However, several hacking incidents have happened to date, denying the former statement.

Following are some of the essential aspects that will clear your mind on the subject:

Cryptography: A Brief Overview:

When data is converted into secret codes, it’s referred to as encrypted data, and the encryption method is called cryptography. Cryptography creates complicated codes made of prime numbers that give a hard time to cybercriminals when they try to decode them.

As cryptocurrency is a decentralized digital currency, its transactions are secure due to the use of cryptography.

Blockchain In Security:

The security of a cryptocurrency is strong primarily because of the blockchain, a distributed ledger that records crypto transactions. Blockchains constitute blocks, constantly checked and reviewed by colossal crypto users.

So, it makes hacking challenging. Still, hacking may happen.

How Does Hacking Happen?

The storage of bitcoins requires crypto wallets, while its trading is possible only through digital currency exchanges. The security issues arise here when a user keeps their crypto in wallets. For instance, a hacker can access your crypto wallet and swipe your tokens and coins without you even knowing.

Apart from that, a hacker may break into your system using crypto-malware. Crypto-malware is manipulated and infectious data that a cybercriminal uses to alter a webpage on your computer device to carry out cryptojacking, a criminal crypto mining process.

This way, your computer system is vulnerable to a massive loss because crypto-malware is undetected, and stats suggests that cybercriminals have conducted many cryptojacking crimes through various crypto-malware.

How To Protect Cryptocurrency From Hacking?

Considering your safety in the crypto world is quite possible with a bit of effort. No doubt, the security of crypto is fundamental and robust. But hackers still have room to harm you. But there’s a way to ensure your safety. We have enlisted some crucial safety tips to keep yourself away from any potential harm that a hacker can cause you and your crypto wallet.

Hybrid Wallet Security:

Hybrid wallet security refers to having both online and physical wallets to store your crypto. While online wallets are effortless to operate, offline or physical wallets reduce the chances of cyberattacks.

Working with reliable cryptocurrency wallets, exchanges, brokerages, and mobile apps is essential. Also, consider the use of more crypto wallets with unique and complex passwords for each one. This way, you will narrow down the chance of any misconduct.

Moreover, you should stop using provider-hosted wallets as they may store your information on their site that hackers can attack easily.

Varying Passwords:

It’s a rule of thumb; lesser and easier passwords will take less time to crack, while complex and more passwords will take more time. So, different passwords for different platforms will make it challenging to hack and make your wallets secure.

Cryptocurrency exchanges like Coingate are safe from cyberattacks when you exchange your crypto for gift cards, including Airbnb or others. Not just that, exchanging crypto for altcoins or stocks is safe with it, too.

This way, you can feel safe. But that doesn’t take the responsibility off your shoulders. You need something more; use strong passwords as well for your accounts so that hackers find it challenging to crack.

Also, you need to avoid sharing the secret key that you receive while initiating a mutual transfer between two accounts. It reveals your ownership, so never share the key with anyone.

Avoid Mobile Phishing:

Keeping your personal device safe from infectious files and ads is an excellent way to avoid mobile phishing. Mobile phishing is a phenomenon where cybercriminals launch ads to steal your login credentials.

Phishing, a social engineering attack, has several causes on mobile phones, ranging from texts and social media posts to email and ads. All of them are sources for mobile phishing, functioning to steal your login credentials.

After they get your login details, they can get into your crypto wallet and steal coins. Therefore, you need to stay away from becoming a phishing victim.

Cyber Resilience:

Cyber resilience refers to your capacity to retrieve the effects of cyberattacks on your wallet. As cybercrimes are staged and planned, you need to understand the vulnerability of your wallet to avoid attacks beforehand.

Before hitting the primary target, your crypto wallet, cybercriminals establish a foothold and then extend to the target. Therefore, when you understand the loopholes of your wallet, you will avoid a huge loss.

Can a Cryptocurrency Like Bitcoin Get Hacked or Shut Down?

Because the Bitcoin blockchain is regularly reviewed by the closed network, it is considered hack-proof. As a result, attacks on the blockchain are extremely unlikely. Blockchain technology is highly adapted to fend off hacker attempts due to its decentralized, distributed nature.

• A 51 percent attack would be one of these apocalypse scenarios.
• Since its creation, Bitcoin has never been hacked.
• Cryptocurrency-related interfaces, such as wallets, are still vulnerable to assaults.
• People and websites, on the other hand, have been hacked because they are simpler targets.

What is a 51% Attack in Blockchain Technology?

A 51 percent attack is arguably the most serious threat to blockchain technology. The transaction history of the Bitcoin network may theoretically be modified and overwritten if a single individual or organization were to succeed in gaining control of the bulk of the network’s mining power (hash rate).

To decide which transactions to allow and which to reject, a majority (i.e. 51%) is always required. This suggests that a majority of 51 percent of a blockchain’s distributed ledger might be changed to allow double-spending (the execution of the same transaction multiple times). However, achieving this circumstance is extremely difficult and unlikely to occur.

Can Cryptocurrency Be Stolen Or Scammed? How to Protest From Hacked?

However, there have been some ups and downs, as well as some serious concerns about the future of cryptocurrencies. Whether these digital tokens may be stolen, hacked, or conned is one such question. These, like fiat currency or cash, have the potential to be stolen, therefore you need to take a few precautions to keep yourself safe.

How to Avoid Scams When Investing in Cryptocurrencies

It’s a fraud whenever someone, a corporation, or a group of people promises you a guaranteed payoff, such as “we’ll double your money in X a number of days.” No single entity can claim to have complete control over the behaviour of an entire industry.

Have you been offered free money? If you said yes, it’s possible that they’re attempting to deceive you. You should not deal with them or trust them at any cost.

While the preceding comments may lead you to feel that spotting fraudsters are simple, there are specialized groups whose sole objective is to defraud unsuspecting traders or investors. As a result, always invest through a licensed cryptocurrency exchange and keep your digital assets in a cold wallet.

Do your homework before you put your trust in anyone. Look into the company’s name on Google, read reviews, and see if they’ve been accused of scams before or if a complaint has been filed against them. Additionally, read as much as you can to learn how scammers have deceived investors in the past.

How to Prevent Such Cryptocurrencies Attacks?

Two-factor authentication

To protect your transactions, always use a two-factor authentication solution. This will give your wallet/exchange an extra degree of security.

Proper wallet management

You should keep the majority of your money in multi-signature cold storage wallets. Hot wallets, which automate withdrawals, should have the bare minimum of funds because they are the most vulnerable to hacking.

Use separate wallet addresses for each platform

Using separate wallet addresses for each platform reduces your risk of losing money. Even if one platform is compromised, the other is unaffected. Don’t keep all of your tokens in one wallet.
Keep an eye on your wallet approvals on a frequent basis: If you are no longer staking in a DeFi project, remove the project’s access permissions from your wallets.

Avoid clicking on phishing links

Ideally, these are harmful adverts or emails that imitate linked organizations/identities in an attempt to obtain your personal information for hacking. Add mandatory two-factor authentication checks for sensitive actions at the application level.

Final Words:

As the world is equipped with cryptocurrency, it reflects its growth and advancement. Well, you
have a responsibility to abide by safety precautions to avoid any loss. With the tips mentioned
above, you can keep yourself away from cyber criminals.

Cryptocurrencies are a mix of robust network design and fragile human-operated services. While exchanges, wallets, and apps are regularly hacked, the Bitcoin protocol itself is extremely resistant to a direct hack or permanent shutdown — though temporary disruption or access restrictions are possible through regulatory or infrastructure actions. Protect funds by using secure wallets, trusted custodians, and proven operational practices.