Nearly $9.5 Million In XPR Stolen In GateHub Wallet Hack

Indira Datta - Jun 13, 2019


Nearly $9.5 Million In XPR Stolen In GateHub Wallet Hack

Hackers have stolen 23.2 million Ripple coins (XRP), worth around $9.5 million, from the GateHub cryptocurrency wallet service users.

GateHub is an e-wallet service popular in many countries around the world. Recently, there were 23.2 million XRP (Ripple coins) of GateHub users - worth up to $ 9.5 million, have been stolen by hackers. In a notice posted on GateHub's website, the company confirmed this serious security breach.

According to the statement, the company is currently investigating this security breach and believes that hackers have abused GateHub's API to perform attacks, withdrawing users' money from their wallets. However, it is unclear what specific methods they did use in this case.

It is unclear what method the hackers used to attack GateHub
It is unclear what method the hackers used to attack GateHub

GateHub said:

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A group of XRP community members, XRP Forensics, who primarily prevent phishing on the cryptocurrency’s blockchain, has published suspicious transaction histories of 12 XRP addresses that hackers have used to steal money. In the meantime, a member of the XRP Forensics - Thomas Silkjær, disclosed that his team found at least 23,200,000 XRP had been stolen from nearly 100 victims, of which an estimated 13,100,000 XRP had already been laundered through different activities such as exchanges.

Even Silkjær could not find out the method by which these hackers stole XRP from the user's GateHub account. GateHub said that it would post the official statement with detail information after the internal investigation was completed. The company had also contacted law enforcement agencies.

It is worth noting that this is not the first security incident involving electronic money published this week. Early this morning, the Komodo platform hacked $13 million from its users' insecure wallets in order to move it somewhere before hackers have a chance to get them. However, users can easily get their money back.

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