$10 Million XRP Hacked From GateHub Wallet


Cryptocurrency wallet service provider GateHub has been hacked and more than 100 XRP wallets are compromised announced by GateHub in a preliminary statement on 6 June. Hacker stole around $10 million XRP from the user wallets.

GateHub noticed this when the users started complaining about lost funds in their wallets. The firm immediately started an internal investigation to calculate the lost funds.

The company not noticed any suspicious activities on the platform initially, the investigation started when the company reported an increasing number of API (Application Program Interface) requests from a small number of IPs. Maybe hackers get access to the encrypted API keys and able to perform the attack.

Thomas Silkjær community member – one of those who informed GateHub about the hack published a report on Medium. He added in the report:

“On June 1 we were made aware of the theft of 201,000 XRP … and immediately started an investigation. It turned out that the account robbed was managed through Gatehub.net, and that the offending account (r9do2Ar8k64NxgLD6oJoywaxQhUS57Ck8k) had stolen substantial amounts from several other XRP accounts, likely to be or have been managed through Gatehub.net.”

Silkjær further added in the report that on 5 June approx 23,200,000 XRP (Around $10 Million XRP at press time) were stolen from 90 victims and 13,100,000 XRP ($5.37 million) has already been moved to different exchanges.

GateHub stated that the case is under investigation and they are unable to share more information at that time.

This is not the first a cryptocurrency wallet provider or exchange is hacked. Cryptopia Newzealand based cryptocurrency exchange hacked back on 14 January and hackers stole more than $20 million funds. The exchange is unable to return the funds to the users and now under the hired liquidators.

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