GateHub Gets Hacked, $9.5 Million in XRP Stolen

Hackers have siphoned 23.2 million Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term coins (XRP), worth around $9.5 million, from GateHub cryptocurrency wallets.

Confirmed by the platform on Thursday, the cybercriminals compromised around 100 XRP Ledger wallets on the platform.

According to GateHub, the hackers used API calls to carry out the attack, however, details of the attack are still unknown, and the platform is still investigating on the matter.

“API requests to the victim’s accounts were all authorized with a valid access token. There were no suspicious logins detected, nor there were any signs of brute forcing,” the official statement noted.

“We have however detected an increased amount of API calls (with valid access tokens) coming from a small number of IP addresses which might be how the perpetrator gained access to encrypted secret keys.”

The suspicious API calls stopped when the platform disabled access to the tokens on June 1, GateHub detailed.

The platform has also involved law enforcement agencies to continue its investigation on the attack.

Tracked down attackers

A contributor in the XRP Forensics published a report on June 5 mentioning some details about the theft including 12 suspected wallet accounts involved in the attack with their transaction details.

As some are aware, 80+ XRP accounts connected to @gatehub have been emptied in thefts the past week, and it appears to be ongoing. Here is our overview of the case. Consider keeping your funds safe by moving your long term holdings to new accounts.https://t.co/FKZxPPduxE

— XRP Forensics (@xrpforensics) June 5, 2019

“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,” Thomas Silkjær, a member of XRP Forensics and the researcher on the case, stated.

Similar to GateHub’s in-house investigators, Silkjær even could not pinpoint the exact method used by the attackers to siphon the digital coins.

Hacking to steal customer’s funds have become very common on the crypto platforms. Last month, crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Binance was hacked, resulting in the theft of 7,000 Bitcoins, then worth $41 million.