Gatehub CEO and founder Enej Pungercar wrote a public letter saying that the infrastructure of the company has been compromised and more than 90 wallets are affected. It seems that the issue came as a problem with the company’s API so we read more in the coming altcoin news today.
Users are now urged to get their funds off the Gatehub platform and into the XRP wallets until the problems are investigated and solved.
Many of the cryptocurrencies have a certain form of a web wallet so this means that for Monero and Ethereum web wallets represents a huge portion of users. Trying to maintain the full node of either software is a very intensive process so people simply prefer to log in and get their job done.
Gatehub is one of the many services that enable people to create XRP wallets quickly and according to the report, a huge number of the wallets are reportedly compromised:
“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. […] 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 company is working to find out what happened and whether the systems in the company are still at risk. Working with law enforcement and other security professionals, Gatehub CEO aims to get things back under control and in a normal situation.
As it was noted in the other latest cryptocurrency news, the consideration of a hack attack is hard to ignore. As far as we know, the hackers can be planning a more serious attack and they did this one simply to try and figure out how big of an impact they can have. There are no many details about the situation in the public but the Ripple wallet service providers say they will also help out to figure out the problem.
In order to use a cryptocurrency safely, it is maybe the best option to operate in an environment where you are the only one controlling your private key. If this is the case, you don’t really have to worry about unauthorized transactions being called up by API and you also don’t have to worry about losing your funds.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]