Gatecoin Raised $500,000 to Recover from Ethereum Cyber Hack

Good news for former clients of Hong Kong regulated financial institution for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term assets, Gatecoin. The founder and CEO of the firm, Aurelien Menant, reports he raised an equity investment of $500,000 from an unnamed publicly listed Japanese investment company.

Back in May, Menant notified investors of a cyber attack on Gatecoin’s system resulting in a loss of client deposits. "In total, the hot wallet breach resulted in the loss of ETH 185,000 and BTC 250, which is equivalent to USD 2 million. This represents 15% of total crypto-asset deposits held by Gatecoin.”

The newly raised funds will be used to open the venue back for trading, according to Menant. The investment will be primarily used to upgrade the security infrastructure of Gatecoin, including hiring a new CTO, with an extensive background in systems security. He will be tasked with "designing, monitoring and maintaining a new security infrastructure to ensure that clients’ ETH withdrawals and later, the Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, are fully protected from all manner of cyberattacks and breaches."

Gatecoin's CEO also informed investors that thanks to help and cooperation from Poloniex, the US-based cryptocurrency exchange, they have so far recovered ETH 5,000 of the stolen Ethereum. While not being at liberty to provide more details about the continuing criminal investigation into the system breach, he does assure that "we are in daily contact with the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force."

The Hong Kong regulated Bitcoin and Ethereum exchange is expected to re-launch in early August.