Copy link
Increase text size
Decrease text size
Link copied

Cryptocurrency wallet service GateHub loses over $9M in XRP to hackers in security breach: Report

Image: GateHub (Twitter)

Fri, 07 Jun 2019, 10:56 am UTC

Cryptocurrency wallet service GateHub reportedly lost around 23,200,000 XRP (more than $9 million) in a recent hack, Cointelegraph reported.

In a preliminary report dated June 06, GateHub estimated the incident to have affected approximately 100 XRP Ledger wallets. It said that it was notified by its customers and community members “about funds on their XRP Ledger wallets being stolen.”

Soon after, it started an internal investigation in which it detected an increased amount of API calls (with valid access tokens) coming from a small number of IP addresses. GateHub suspected this to the way by which hackers got access to encrypted secret keys.

In an online post on Medium, community member Thomas Silkjær revealed that it was his team that had notified GateHub of the security breach. Based on their independent investigation, he said:

“As of writing this report, 2019–06–05 16:00 UTC, we gather that ~23,200,000 XRP has been stolen from 80–90 victims, of which ~13,100,000 XRP have already been laundered through exchanges and mixer services.”

GateHub said that it is working with a professional IT forensics team to determine whether its system was compromised or not. It has also notified appropriate law enforcement agencies about the incident.

XRP is currently the third largest cryptocurrency by market capitalization and is trading at $0.42 at the time of writing.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.